When consulting about the Bergen County school district, nine out of ten people mention Tenafly. This area has been a topic of discussion among Korean parents for a long time, so the purpose of this article is to examine how actual housing prices have changed through data.

According to Zillow data, the representative housing value index (ZHVI) for Tenafly is currently around $896,000. Considering that the index for the same area was roughly around $650,000 at the beginning of 2021, this represents an increase of about 38% over the past five years. The actual median transaction price compiled by Redfin is much higher, ranging from $1.5 million to $1.7 million, due to the significant price gap between large homes in East Hill and smaller homes in downtown and West Hill.

Year by year, from 2021 to the first half of 2022, there was a sharp increase in prices due to the influx of real demand from New York City, while from the second half of 2022 to 2023, the volume of transactions decreased and the rate of increase noticeably slowed due to the impact of rising interest rates. After 2024, there is a trend of returning to a gradual increase, supported by consistent demand from the school district.

During the same period, the national average increase rate is reported to be around 35-45%, and Tenafly has been moving within this range, with a recent one-year increase rate exceeding 10%, indicating it remains strong.

Factors supporting the upward trend include accessibility to Manhattan, a long-standing reputation for its school district, and a housing inventory situation with almost no new supply. It is also noteworthy that even during periods of high interest rates, school district areas focused on real demand showed relative resilience.

Regarding future trends, a cautious approach seems necessary. Unless mortgage rates drop significantly, there is a possibility of a gradual trend rather than a sharp additional increase, but as long as the demand from the school district does not disappear, significant adjustments are also unlikely to occur.

If you are a Korean family considering purchasing in Tenafly due to school district issues, moving during the off-peak season in late fall or winter, before the new school year begins, may provide more room for negotiation. Conversely, if you are considering selling, it may be advantageous to take advantage of the timing when demand peaks in the spring as preparations for the new school year begin.