Paramus: An Ideal Location for Property Investment
Are you looking to invest in a property in New Jersey? Yes? Then, you can opt to buy one in Paramus due to the various advantages. Paramus is considered the shopper’s paradise in New Jersey.
Sprawling across around 10.57-square-mile, Paramus is one of the most popular boroughs in Bergen County. Moreover, Paramus comes as the lowest third borough in terms of tax rate among the seventy municipalities in Bergen County.
Paramus is home to an award-winning school structure, which spends a considerable amount for each student yearly. Paramus is home to multiple elementary schools as well as middle schools. That means you can expect a high-standard education and academic career for your child in Paramus.
We know that the higher the tax collection the better the development of a place. Did you know that 30 million square feet of commercial space in Paramus pays around 51% of the taxes? That means Paramus residents can expect huge changes in the development of the borough from time to time. Needless to say, these factors have been attracting more and more property investors to the Real Estate Market in Paramus.
What should you know about the Real Estate Market Trends in Paramus?
The growth of a real estate market depends on the developments of the specific location. Since Paramus comes with many commercial places, such as the Garden State Plaza (New Jersey’s largest shopping hub), the economic growth of the place is quite high.
Moreover, stores in the borough of Paramus generate high revenue, which is around $2.5 billion dollars annually, and it has made Paramus second in annual sales (next to Fifth Avenue of New York). Hence, it can be easily predicted why the Real Estate Market in Paramus is booming in leaps and bounds. Best-in-class Paramus Real Estate Brokers are there to guide potential property buyers toward the most suitable property in their budget.
The revenue generated by the average sale of homes in Paramus is $868,153. In addition, the total units sold here in the last 12 months are 263. According to the statistics for August, the number of active home listings is 53 whereas the absorption rate is 2.6.
Moreover, the home prices in Paramus witnessed the original discount (from the first list price) of -0.5% whereas the discount from the last list price is -1.2%. Contacting the seasoned Real Estate Brokers in Paramus is quite beneficial for those who want to buy or sell property in Paramus. The knowledgeable Paramus real estate agents can also help you clarify and understand all the above statistics during the buying/selling process.
Paramus is home to 26,342 people whereas the total housing units are 8,915. There are 8,124 single-family homes in the borough of Paramus. The general tax rate here was 1.653% in 2021 whereas the effective tax rate in 2021 was 1.521%. It is time to get in touch with one of the best Paramus Real Estate Brokers.
