While most of the United States is seeing more favorable conditions for buyers, northern New Jersey stands out as an exception, maintaining a strong seller’s market despite national dynamics shifting. This regional resilience underscores the value of local market knowledge over national headlines when making real estate decisions.
Thomas “Chopper” Russo, leader of one of New Jersey’s top-performing real estate teams at RE/MAX Select, has a front-row seat to this local divergence. Ranked second in New Jersey and 37th nationally, Russo’s team handles residential sales and leasing, commercial transactions, property management, and business sales across Bergen, Passaic, and Morris counties. Their structure and strategy offer insight into why this region continues to outperform national trends.
From Manufacturing to Real Estate Leadership
Russo’s entry into real estate followed a career in furniture manufacturing, where he managed factories and properties across three continents. After obtaining his real estate license in 2008, he shifted entirely to the industry by 2010. Russo’s move was deliberate, shaped by his experience in business management and an eye for scalable opportunities.
Instead of operating as generalists, Russo’s team members specialize in distinct segments: residential leasing, commercial sales and leasing, property management, and business sales. Residential specialists are further divided between luxury markets, first-time buyers, and general services. This division of labor allows the team to address the nuanced needs of each client type and respond quickly to market changes.
Professional Development as a Differentiator
Russo’s commitment to expertise extends to ongoing professional education. As New Jersey’s first Master Certified Negotiation Expert, he traveled to Seattle twice to earn a designation that covers negotiation strategies for a wide range of situations and personalities. Nearly every team member now holds the MCNE credential, and Russo himself maintains 30 different accreditations and certifications. He believes this focus on skill-building is necessary because “this real estate market is constantly changing.”
Technology also plays a role. The team has integrated artificial intelligence tools into their workflow to improve efficiency and data analysis. Russo is clear that technology enhances but does not replace the value of experienced agents. “It’s a good tool to make you more efficient,” he says, but emphasizes that personal expertise remains essential.
Market Dynamics: Northern New Jersey as an Outlier
Despite national reports of buyers gaining leverage, northern New Jersey remains a market where sellers hold the advantage. Russo points to a persistent supply and demand imbalance: “The majority of the United States at the present moment is in a buyer’s market. Northern New Jersey, Bergen County, Passaic, Morris County, is still in a seller’s market. We still have a supply-and-demand imbalance. There are not enough sellers, and there are definitely more buyers.”
This local reality contradicts the dominant national narrative. Russo cautions against relying on broad market headlines, noting that “the headlines today are there to terrify, not to clarify, but those national headlines don’t apply to this market.”
Interest rates, typically a key factor in cooling markets, have not produced the expected price corrections in northern New Jersey. Russo observes that “all the rules got broken because one of the rules was, if interest rates go up, prices go down, but it didn’t this time.” Instead, local demand and limited supply have kept prices stable or rising, even as borrowing costs have increased.
Migration Patterns and Market Sensitivity
Media coverage has spotlighted New Yorkers moving to New Jersey, but Russo sees this as a continuation of long-standing patterns rather than a sudden shift. He explains that people from the five boroughs have been relocating to New Jersey for generations, typically seeking more space and a break from city congestion. The recent attention to this migration, he suggests, is more about increased awareness than a dramatic new trend.
These families usually seek “a little bit more land” and quieter neighborhoods, reinforcing the region’s appeal for buyers looking to escape urban density. The pandemic may have accelerated some moves, but the underlying drivers remain consistent.
Pricing Reality and Market Positioning
Home prices in northern New Jersey reflect both broader affordability pressures and local stability. Entry-level homes in Oakland that once sold for $350,000 now start at $550,000 to $600,000. In Franklin Lakes, entry prices have climbed from $700,000 to $900,000 or even $1 million.
Russo notes that the region’s prices have not experienced the dramatic swings seen elsewhere. “Northern New Jersey was never one to skyrocket as other areas would. What goes up fast comes down fast. Even when the bottom fell out here in 2010, yes, the prices dropped, but on a percentage basis, it was not as significant as other parts of the United States.”
He attributes this stability to the area’s economic diversity and proximity to major employment centers, which create consistent demand and cushion the market during national corrections.
Competitive Strategies in a Seller’s Market
Even with sellers in control, buyers face intense competition. Multiple-offer situations are common, and winning bids often require strategic concessions. Russo advises buyers to structure offers that stand out, including waiving inspections, appraisal, or mortgage contingencies, or offering flexible closing terms, such as allowing the seller to remain in the home for several months after closing.
Understanding the motivations of both parties is crucial for successful negotiations. Russo stresses the importance of both sides being transparent about their goals to facilitate smoother transactions.
Information Overload: Challenges and Opportunities
The internet and mobile technology have fundamentally changed how buyers and sellers approach real estate. Russo observes that “everyone knows more today. You have more power in your cell phone than ever before. Put on top of that, the use of AI.” Buyers arrive with more information but also face the challenge of separating fact from opinion in a crowded media landscape.
Russo warns that “the adage that somebody stole a house, a property, or a business, those are over. There are so many avenues to market, there are so many avenues for information.” The abundance of data means that buyers and sellers must work harder to distinguish reliable information from speculation or clickbait.
Looking Ahead: Cautious Growth
Russo expects next year to bring continued stability, with modest increases in prices and inventory. “I think you’ll see a two to four percent increase in values. As far as units available, I think we’ll see a similar increase. I don’t think we’ll go back. It’ll be a while before we get to the so-called normal years of 2019.”
He acknowledges that the definition of a “normal” market is evolving. The experiences of the past several years may set the standard for what future buyers and sellers consider typical.
Investment Considerations
For investors, Russo emphasizes matching strategies to individual strengths and risk tolerance. Some are well-suited to multifamily properties and hands-on management, while others may prefer single-tenant assets with stable, creditworthy tenants. He cautions that there is no universal formula for success; outcomes depend on execution and timing as much as market selection.
Local Expertise Remains Essential
Northern New Jersey’s ongoing strength in the face of national headwinds demonstrates the limits of broad generalizations in real estate. Local factors—economic diversity, proximity to employment, and sustained demand—continue to support the market, even as national trends point in a different direction.
For buyers and sellers navigating this environment, local expertise and a clear understanding of market fundamentals are more valuable than ever. Russo’s closing advice sums up his approach: “We rarely succeed unless we have fun doing it.” This philosophy, grounded in both skill and perspective, has helped his team and clients thrive in a region that continues to chart its own course.
