On the hunt for a property past summer season, Priscilla Gabela and her husband, Antonio Aluotto, gave up immediately after a month. Bidding wars were being all over the place, and the North Arlington couple decided to hold out things out, using a crack from September as a result of December. 

When they reentered the industry early this 12 months, they were being in for sticker shock. If costs have been way too lofty in 2020, this yr they zoomed into the stratosphere. 

“It can be been nuts,” Gabela stated. “We’ve noticed a whole lot of homes priced seriously significant.”

Welcome to the submit-pandemic North Jersey serious estate marketplace, where by price tag appreciation is the brutal reality even with vaccines spreading, interest fees climbing and much more homes heading on sale. With demand from customers still significant, previous year’s “COVID premium” is not fading away. 

Antonio Aluotto and Prscilla Gabela-Aluotto pose for a photo by their North Arlington home on Friday June 11, 2021.

In Bergen County, the median dwelling sale cost in Tenafly jumped 16% this May in comparison with a calendar year previously. Hackensack’s rose 19%, and Teaneck noticed a whopping 33%, in accordance to knowledge from the point out realtors’ affiliation and individual businesses. 

Some axioms of North Jersey housing held legitimate: Cities with quaint, walkable downtowns or quick accessibility to NJ Transit fared well — Montclair costs leaped 22%.