To sum up the Cresskill market in October in one line: home prices are holding steady, but the upward momentum has noticeably weakened, and rental prices vary depending on the size and type of the home.

Let me clarify the reference point. As of the time of writing this article, October transaction statistics have not been released, so I will refer to September closing figures for sales and use early November data for rentals and interest rates.

Let's follow a single home. Assuming we buy a $1 million single-family home in Cresskill with a 20% down payment.

The basis for the $1 million figure comes from Zillow. As of September 30, the typical home price in Cresskill is estimated at $1,030,956, which is a 6.0% increase from a year ago and a 0.6% increase from a month ago.

In the same data, the overall price for Bergen County is $780,357. This means Cresskill is over $250,000 more expensive.

However, this is not the actual transaction price but an estimated value calculated by a model. Simply put, think of it as the median value from an appraisal of all homes in the neighborhood.

Looking at actual transactions, the picture changes slightly. Homes.com shows a median price of $1,012,499 for 108 transactions over the past 12 months, indicating a 3% decline compared to the previous year. The date of the data collection is not specified.

In one town, we see both a 6% increase and a 3% decrease. With 108 transactions in a year, that averages to about 9 transactions per month, meaning the numbers can fluctuate significantly depending on which homes were sold.

In fact, Redfin data shows that in November 2025, there were 3 transactions with a median price of $735,000. This illustrates why one should not judge the market based solely on the monthly median of a single town.

Therefore, we also look at regional statistics. According to the New Jersey Realtors' September report, which includes towns around Cresskill, the median price for single-family homes is $825,000, reflecting a 0.6% increase from a year ago.

Overall single-family home prices in Bergen County rose by 8.5% in July and 5.1% in August. While the scope of the data varies, it is clear that the rate of increase has slowed since summer.

The number of listings has also increased. In September, the number of single-family home listings in the region rose from 958 to 1,052, a 9.8% increase, and the time it took to sell increased from 30 days to 34 days.

The months of inventory also rose from 2.4 months to 2.7 months. If this term is unfamiliar, think of it as the time it would take to sell all current listings if no new listings came on the market.

However, it would be premature to call it a buyer's market. The ratio of sale prices to listing prices in September was 103.2%, meaning that on average, contracts are still closing above the asking prices.

Indicators that show next month's numbers are somewhat weak. The number of pending offers accepted dropped from 395 to 369, a decrease of 6.6%.

As of November 5, the listings for Cresskill on the New Jersey Real Estate Network show 32 single-family homes with a median asking price of $2,374,500, averaging 85 days on the market. This is an increase from 24 homes at the beginning of September, meaning 8 more homes have been added in two months.

The median asking price is more than double Zillow's estimate. To me, this looks like a price tag for high-end listings that haven't sold. It would be misleading to interpret this number as the neighborhood market value.

Now, let's factor in interest rates for our home. The average 30-year fixed rate from Freddie Mac was 7.40% on October 8 and 15, and it dropped to 7.18% on November 5. A year ago, it was 6.22%.

If you take out an $800,000 loan at 7.18%, your monthly principal and interest would be $5,419, compared to $4,910 at 6.22%. These are values I calculated based on national averages, excluding property taxes and insurance.

This means you would be paying an additional $509 per month for the same house. I believe this is why buyers are hesitating more than due to home prices.

Now, let's move on to rentals. According to a November 5 update from Zumper, the average rent is $2,400 for a one-bedroom, $3,420 for a two-bedroom, and $4,400 for a three-bedroom.

Compared to a year ago, these figures have decreased by 12%, 9%, and 1%, respectively. The four-bedroom rental is down to $6,995, a 10% drop, and the overall average for single-family homes is also down to $5,850, a 10% decrease.

However, the overall median rent on the same page is reported as $5,850, indicating a 4% increase. The details and trends do not align. With only 17 new listings, the sample size can easily skew the results.

Apartments.com reports that as of June, the rent for a one-bedroom was $2,051, indicating that apartment rents have risen by 1.8% over the past year. Therefore, it is difficult to definitively conclude that rents are falling.

My interpretation is that we are in a period of stabilization. At least from the current listings, there is no sign of rents rising significantly.

Returning to our home, we see the monthly principal and interest of $5,419 alongside the single-family home rent of $5,850. While buying seems cheaper, property taxes, insurance, and repair costs are not included, and the $200,000 down payment is also tied up.

Therefore, I cannot definitively say that buying in Cresskill this year is better than renting. Whether you plan to stay long-term is the key factor.

If I were in your position, I would take my time and start by looking at homes that have been on the market for a while to negotiate prices.

Ask your agent for recent MLS sales data from the same area over the past six months, and you can check the property tax amount for the specific address with the local tax office.

If you are a seller, I hope you do not simply transfer Zillow's numbers or your neighbor's asking price onto your price tag. The greater the difference between sold prices and remaining listings, the more critical the initial price becomes.

When the October statistics come out, there are only two things to watch: whether the regional increase of 0.6% turns negative and whether the increase in listings continues into winter.