From my perspective of nearly 20 years observing the Bergen County real estate market, areas like Cresskill that have consistently trended upward through several cycles of increases and adjustments are rare. Thanks to the excellent school district near the George Washington Bridge and a stable residential environment, this area has long been considered one of the preferred settlement locations for Korean families.

Looking at the actual figures, the median home price in Cresskill has risen from about $770,000 in early 2021 to approximately $1,070,000 by mid-2026. This represents an increase of about 39% over five years.

Reflecting on the past five years, from 2021 to early 2022, there was a steep rise due to ultra-low interest rates and the spread of remote work. However, from mid-2022 to 2023, the market experienced a noticeable decline in transactions and a slowdown in price increases due to rapid interest rate hikes. After 2024, a shortage of listings has become prominent again, leading to a gradual but steady upward trend.

Considering that the national median home price increase rate is estimated to be around 35-45% during the same period, Cresskill's increase can be seen as positioned at the upper end of this range. This aligns with the trend of northern Bergen County towns, which have generally shown higher increases than the national average due to clear school district premiums.

The factors driving this increase include the demand from families moving in search of excellent public schools, the limited new supply typical of small towns focused on single-family homes, and the continuous influx of buyers seeking a suburban lifestyle while still being able to commute to New York.

Looking ahead, it is important to observe the trends carefully. Unless mortgage rates decrease significantly, it seems unlikely that transaction volumes will increase sharply. However, given the area's characteristics, where the supply shortage structure is not easily resolved, the likelihood of significant price adjustments also appears low. A trend of gradual stability with slight increases seems probable.

For Korean households, if the demand is for actual residence for children's education, it may be more reasonable to base decisions on long-term living plans rather than interest rates. If considering selling, the current scarcity of listings could work to their advantage in negotiations.