As it's the first weekend of November, I took a moment to summarize the numbers from October. To get straight to the point, rentals have stopped, while home prices continue to rise.

However, in a small town like Leonia, there are only a few transactions each month, so we shouldn't make judgments based on just one number. Therefore, I will compare rentals and sales, Leonia and the entire Bergen County side by side.

First, let's look at rentals. According to data updated by Zumper on October 28, the average rent in Leonia is $2,800 per month.

Compared to the same time last year, there has been no change. Considering that home prices are still rising, this was somewhat unexpected. It's important to note that in a neighborhood with few listings, even a few changes can significantly affect the average.

When looking at the sizes of the rooms, the trends vary. A one-bedroom unit is at $2,250, which is a 2% decrease from a year ago.

A two-bedroom unit is at $2,895, which is a 3% increase. This suggests that demand from families is stronger than that from individuals.

Since many families move here for the school district, I believe this difference is likely to continue. If you're looking for a two-bedroom, there may be less room for negotiation during lease renewals compared to a one-bedroom.

Next, let's discuss sales. According to Redfin, the median sale price in Leonia is $882,000 based on the last three months up to September.

October transaction data has not yet been compiled. Therefore, I summarized based on the most recent confirmed figure from September.

Looking at a few transactions from September gives a clearer picture. A three-bedroom single-family home sold for $805,000, while a four-bedroom sold for $1,170,000.

Even within the same neighborhood, the price difference can exceed $300,000 based on just one room or location. The median price should only be used as a directional indicator; actual prices should be verified with recent transactions of similar conditions.

Now, let's compare this with the entire Bergen County. According to the New Jersey Realtors Association's August report, the median sale price for single-family homes in the county is $925,000.

This is a 5.1% increase compared to August of last year, and the cumulative median from the beginning of the year to August is $899,000, which is a 5.8% rise.

The time it took for properties to sell was 30 days. The actual sale price compared to the listing price was 104.1%, indicating that homes are still selling for more than the asking price.

The inventory stands at 2.4 months. Typically, around six months is considered balanced, so there is still a clear seller's advantage.

Condos and townhouses show a different trend. The median price for August was $530,000, which is a 0.9% decrease.

The number of listings increased by 27.1% to 656, and inventory has risen to 3.7 months. While single-family homes remain tight, condos are gradually becoming more available. This is a positive sign for first-time homebuyers.

Now, onto a hot topic. Leonia has conducted a full property reassessment in line with the 2026 tax year.

The assessment date is set for October 1, 2025, based on market value, and the last reassessment was in 2014. This means the numbers have been updated after 12 years.

The borough explains that just because the assessed value increases, it doesn't automatically mean taxes will go up. Taxes are determined by the budget, total assessed value, and tax rate moving together.

However, if your home has appreciated more than the neighborhood average, your tax burden may increase. Homeowners are advised to compare their assessment notices with actual market values.

For reference, the effective tax rate in Leonia for 2025 was 2.199% of market value. For a home valued at $882,000, this translates to an estimated annual property tax of around $19,000.

Another point to watch is redevelopment. The borough adopted redevelopment plans for the Grand Avenue, Fort Lee Road, and Willow Tree Road areas in September 2025 and submitted amendments in February 2026.

They have stated that they will not use eminent domain for designated properties in this area. This project is also tied to the state's low-income housing obligations. Specific numbers of units and construction timelines have yet to be confirmed, so we are continuing to monitor borough announcements.

If new residential complexes are built, it could increase rental supply and help curb rising rents. Conversely, if the commercial area thrives, it could positively impact the value of surrounding single-family homes.

In summary, for those renting, if you're in a one-bedroom, now might be a good time to negotiate your renewal.

For those looking to buy, you should budget with the understanding that the entire county is still a market where homes are selling above asking prices. You will need to recalculate taxes based on the new assessed values.

If it were me, I would first test my negotiating power in the condo market, where inventory is increasing, rather than in single-family homes. If you're caught between renting and buying, I believe that's the most realistic starting point.

The figures are based on Zumper's October rental data, Redfin's September sales data, and the New Jersey Realtors Association's August report for county statistics. I will update again once the October sales statistics are released.