Tenafly NJ Housing Market 2026: Prices, Taxes, Rates and Outlook

Tenafly's housing market got more competitive over the past year, even as mortgage rates swung by a full percentage point. In the three months ending May 2026, the median sale in the 07670 ZIP code was $1,532,500, homes sold on average at 106.9% of list price, and 57.7% went over asking, according to the Redfin Data Center. Both competition figures are the highest in Redfin's ZIP series going back to mid-2023.

Prices rose more slowly than those numbers suggest. The median sale price is up 7.2% over two years, while median price per square foot is up 18.4%. Sales fell: 136 homes sold in the 12 months ending May 2026, down from 156 a year earlier. The story is a thin supply of listings meeting steady demand, with rates as a secondary force.

For buyers, costs have moved the wrong way since spring. The Freddie Mac 30-year fixed rate reached 7.03% on September 24, 2026, up from 5.98% in late February. With Tenafly's 2025 effective property tax rate of 2.086%, a household needs roughly $465,000 a year to carry the median home at a 28% housing-cost ratio with 20% down.

Two years of Tenafly prices

Redfin's ZIP data for 07670 is a rolling three-month window, so "May 2026" means sales that closed from March through May 2026. Tenafly still has only about 20 to 65 sales per window, so a few large or small homes can move the median by $200,000 or more. The fairest comparison is the same season across years.

Source: Redfin Data Center, ZIP 07670, All Residential.

Price per square foot tells the clearer story

The median depends on which homes happen to sell. Price per square foot adjusts for size and moved more steadily. Averaging the four non-overlapping three-month windows in each 12-month period (weighted by sales), it rose from about $553 in the year ending May 2025 to about $599 in the year ending May 2026, an 8.3% gain.

Per-square-foot values rising faster than the median suggests recent sales tilted toward somewhat smaller homes, not that values fell. Sellers price off per-square-foot comparables, so buyers should too.

Where the median bounced

The site's chart of the All Residential median runs from $1,456,500 in June 2024 to $1,532,500 in May 2026. In between it fell to $995,000 (window ending December 2024, 26 sales) and reached $1,700,000 (windows ending July 2025, February 2026 and March 2026). With this few sales, those swings mostly reflect which homes closed, not changes in value.

Single-family homes drive the market: 118 of the 136 sales in the latest 12 months. The single-family median for March to May 2026 was $1,650,000, at $623 per square foot.

Did mortgage rates move the market?

Freddie Mac's Primary Mortgage Market Survey put the 30-year fixed at 6.08% in late September 2024, 7.04% in mid-January 2025, 5.98% in late February 2026, and 7.03% on September 24, 2026. Tenafly's data shows these swings only faintly.

• The September 2024 rate low did not create a rush. The window ending October 2024 was the weakest of the period: 98.5% sale-to-list, 23.8% of homes over asking, 104.5 median days on market. Fall seasonality outweighed cheaper money.
• The January 2025 peak did not stall the market. The window ending February 2025 showed 102.4% sale-to-list and 48% sold over list, stronger than the prior fall.
• Lower rates into early 2026 coincided with the strongest spring. Rates were near 6.15% at the end of 2025 and dipped below 6% in February. Spring 2026 then posted 106.9% sale-to-list. Pending sales (50) rose from spring 2025 (41) but stayed below spring 2024 (61). Demand did not surge; buyers competed harder for a limited set of homes.

A likely reason: at Tenafly prices many loans are jumbo loans and many buyers bring equity from a prior sale, so rate changes move their decisions less than in lower-priced towns. The data cannot prove this, but it fits the pattern. Freddie Mac's survey tracks conforming loans, so it shows direction, not the exact rate a jumbo borrower pays.

Supply and competition

Listings remain the limiting factor, though less so than a year ago. Redfin's city-level monthly data shows 179 new listings in the year ending May 2024, 152 in the year ending May 2025 and 166 in the year ending May 2026. Closed sales were 154, 156 and 136. Contract signings held steady: the ZIP's four non-overlapping windows add up to 146 pending sales in the year ending May 2025 and 150 in the year ending May 2026.

Inventory looks higher than it is

At the end of May 2026 there were 55 active listings in the ZIP, and Redfin's single-month city figure put months of supply at 6.1. That looks balanced, but it is misleading. Only 26 homes closed from March to May, while 50 went under contract. Measured against pending sales (about 16.7 a month), inventory was about 3.3 months of supply. Spring listings arrive quickly and many sell within weeks, so closings lag.

In March to May 2026, 50% of listings went off market within two weeks, up from 43% in spring 2024 and down from 56% in spring 2025.

Price cuts and days on market

Redfin's city data shows 7.3% of Tenafly listings took a price cut in May 2026, below Bergen County's 9.6%. Tenafly's share peaked at about 14% in September and October 2025, when the fall market softened.

Median days on market fell from 104.5 (window ending October 2024) to 67 (October 2025) and was 75.5 in spring 2026. That is long for a market selling at 107% of list. One likely explanation is two groups of listings: homes priced in line with recent sales that go quickly, and homes priced above the market that sit.

Housing stock and price tiers

In the 12 months ending May 2026, Redfin's city data counted 118 single-family sales, 12 condo or co-op sales, 4 two-to-four-family sales and 2 townhouse sales.

Sections of town

Local agents describe Tenafly by section. One Tenafly brokerage, Palmieri Properties, gives these tiers:

• East Hill, toward the Palisades: larger lots and estate homes at $3 million to $7 million and up, trading more slowly and with more room to negotiate.
• West Hill and Riverdale: established colonials at roughly $1 million to $2.5 million.
• Downtown and Smith Hill: smaller lots near Washington Street and the schools, the entry tier at roughly $900,000 to $1.5 million.

These are one firm's estimates; Redfin does not publish Tenafly data by neighborhood. They fit the ZIP data: a median near $1.5 million sits where the West Hill and downtown tiers overlap, and East Hill closings would likely push per-square-foot figures up when several land in one window.

Condos and teardowns

Condos are a small, separate market. Since mid-2024 Redfin recorded 1 to 10 condo sales per three-month window, with medians from $249,000 to $737,000 depending on which units sold. Condo inventory rose to 10 listings in May 2026 from 2 a year earlier. Buyers should rely on the specific building's sales history.

Redfin does not separate new construction or teardown sales, so their share of the Tenafly market is not known from this data.

Cost of ownership

Property tax

Tenafly's 2025 general tax rate is 2.973 per $100 of assessed value and its effective tax rate is 2.086%, according to the NJ Division of Taxation's 2025 General Tax Rates. The effective rate applies to market value, so use it for estimates:

• $1,532,500 median: about $31,968 a year ($2,664 a month).
• $1,650,000 single-family median: about $34,419 a year.
• $1,000,000 home: about $20,860 a year.

Actual bills depend on each assessment. Ask for the current bill and whether recent work will trigger a reassessment.

The seller-paid transfer fee

For deeds under contracts fully executed on or after July 10, 2025, New Jersey replaced the buyer-paid 1% "mansion tax" with a seller-paid Graduated Percent Fee on sales over $1 million, applied to the full price: 1% up to $2 million, 2% to $2.5 million, 2.5% to $3 million, 3% to $3.5 million and 3.5% above, according to Fendrick Morgan and NJ REALTORS. It is on top of the standard realty transfer fee.

Because so many Tenafly sales exceed $1 million, the bracket cliffs matter here:

• $1.99 million owes 1% ($19,900); $2.01 million owes 2% ($40,200).
• $2.99 million owes 2.5% ($74,750); $3.01 million owes 3% ($90,300).
• A $3.6 million East Hill sale owes 3.5% ($126,000).

Flood risk

Flood exposure is limited but not zero: First Street's model estimates 602 properties, or 12.2%, face flood risk over 30 years. Rep. Josh Gottheimer's office has pointed to debris-clogged sections of the Tenakill and Overpeck brooks as a cause of local flooding after Hurricane Ida. Near a brook, check the FEMA map and get an insurance quote during attorney review.

Monthly payments and affordability

Principal and interest (P&I) on a 30-year fixed loan with 20% down, plus property tax at 2.086%. Insurance is excluded because it varies too much by house.

Loans: $1,226,000 and $1,320,000.

From 5.98% in February to 7.03% now, P&I on the median home rose $846 a month. To keep the February payment at 7.03%, a buyer would borrow about $1,099,000 instead of $1,226,000, which at 20% down means a price near $1,374,000, about 10% lower.

At a 28% ratio of P&I plus tax to gross income, the median home needs about $465,000 a year at 7.03% (about $429,000 at 5.98%). A $1,000,000 home needs about $303,000.

Tenafly's median household income is $208,200, per the Census Bureau's American Community Survey as reported by Census Reporter, versus $124,884 for Bergen County. That is less than half what the median home requires at today's rate. Most buyers are likely carrying equity from a previous home or combining two high incomes, which ties Tenafly demand to the wider New York metro job and housing market.

Schools

Tenafly Public Schools is a K-12 district with four elementary schools (Mackay, Maugham, Smith and Stillman), one middle school and Tenafly High School, about 3,400 students in total, according to the district and Wikipedia.

Tenafly High School has 1,141 students. In the 2026-27 U.S. News rankings it placed No. 389 nationally, with a 99% graduation rate and a college readiness score of 70.3, as reported by Daily Voice. Niche's 2026 rankings place it No. 17 among New Jersey public high schools.

For pricing, the point is structural: every address feeds the same middle and high school, so secondary schools do not explain price differences between streets. With four elementary schools, the elementary assignment depends on address; confirm it with the district before signing.

Commute and transportation

No passenger rail

Tenafly's Gothic-style station at 1 Piermont Avenue is a landmark of the old Erie Northern Branch. Passenger service ended on September 30, 1966, and the depot is on the National and New Jersey Registers of Historic Places.

The planned Hudson-Bergen Light Rail extension up the Northern Branch would end at Englewood Hospital, not Tenafly, with stops in North Bergen, Ridgefield, Palisades Park, Leonia and Englewood. After the Federal Transit Administration withdrew its earlier review notice in 2023, NJ Transit sought a contractor for a new Draft Environmental Impact Statement. There is no construction schedule, so buyers should not price in future rail access.

Bus

The main transit link is NJ Transit bus service to Port Authority, including route 166. Rome2Rio lists an average of about 1 hour 10 minutes, with the fastest trips around 37 minutes. Bridge and tunnel traffic drives the difference, so test the trip at your real departure time. Homes within walking distance of downtown and its bus stops are where the lack of rail matters least.

Development and the Fourth Round housing plan

New Jersey's Fourth Round covers 2025 to 2035. The state assigned Tenafly a prospective need of 297 affordable units, and its present need was adjusted from 61 to 10 units, according to the borough's Housing Element and Fair Share Plan and its affordable housing update page. The Planning Board approved the plan in June 2025, meeting the deadline that protects towns from builder's remedy suits. The borough reserved the right to seek a vacant land adjustment, which can lower the number of units it must zone for.

In February 2026 the council introduced ordinances 26-07, 26-08 and 26-09, with hearings set for March 10, according to Citizen Portal. Ordinance 26-07 would create an overlay district, AHO-11, in four areas, allowing up to 20 units per acre with a 20% affordable set-aside. The others adjust existing overlay densities and update affordable-housing rules. Final adoption and the exact parcels could not be confirmed for this article.

Overlay zoning permits multifamily projects but does not require them. Any single project at 20 units per acre would be modest, so the effect on single-family prices is likely small. For renters and buyers who want smaller units, new apartments or townhouses would add housing types Tenafly has little of.

How Tenafly compares with nearby towns

Same Redfin ZIP data; price per square foot and sale-to-list are sales-weighted averages of the four three-month windows in each year.

Tenafly has the highest price per square foot, the strongest sale-to-list and the most sales of the group. Its share sold over list rose from about 38% to 48% (same weighting), while Closter's fell from 52% to 39%. Cresskill held nearly flat on price per square foot; Demarest rose faster than Tenafly, about 12%, and nearly closed the gap. Bergen County's single-month median in May 2026 was $790,000, up 5.2% year over year, with 5.0 months of supply.

Strategy for buyers

• Use per-square-foot comps from the last six months. Values rose about 8% in the latest year, so 2024 comps understate prices.
• Expect competition in spring. At 106.9% of list, a $1.5 million listing closes about $104,000 over asking.
• Watch listings that have sat 60 to 90 days. Long median days on market next to high sale-to-list means some homes are overpriced, and those sellers often become flexible.
• Consider fall. The October 2024 and October 2025 windows had sale-to-list of 98.5% and 103.4%, both below the following spring, and price cuts peaked in fall 2025.
• Check rate sensitivity. Each 1-point rate change moves the payment on a $1.2 million loan by roughly $800 a month.

Strategy for sellers

• List from late winter into spring, when pending sales and bidding peak.
• Price inside the recent per-square-foot range. Homes priced ahead of the comps tend to sit.
• Run net proceeds on both sides of a transfer-fee bracket near $2 million, $2.5 million, $3 million or $3.5 million.
• Condo sellers: with inventory up from 2 to 10 listings, price off the building's own sales.
• Have the tax bill, flood history and permits ready to shorten attorney review.

Judy Zhou works with Keller Williams Town Life Realty in Tenafly.

Outlook for the next 6 to 12 months

Competition rose while volume fell. That combination usually means limited supply is supporting prices. It is a reason to expect prices to hold, not a guarantee.

The main risk is rates. Spring 2026 contracts were signed with rates near or below 6.5%; the rate is now 7.03%, the first reading above 7% since January 2025. The January 2025 peak did not visibly slow Tenafly, but a lasting move above 7% adds about $850 a month to the median home's payment compared with February, which could narrow spring-style bidding.

A reasonable base case is a fall 2026 similar to fall 2025: fewer sales, more price cuts, and sale-to-list closer to 100% to 103% than 107%. What would change that view:

• Stronger: rates back toward 6%, or spring pending sales of 50 or more with new listings still below the 2024 level.
• Weaker: inventory rising without more pending sales, price cuts above the fall 2025 level of about 14%, or a slowdown in the New York metro job market.
• Local: final action on the AHO-11 overlay, any change in the tax rate or a reassessment, and seller behavior around the transfer-fee brackets.

FAQ

What is the median home price in Tenafly in 2026?

$1,532,500 for all homes and $1,650,000 for single-family homes closed March to May 2026 in ZIP 07670, per Redfin. The three-month median can swing by $200,000 or more between windows.

Is Tenafly a buyer's or seller's market?

Recent data favors sellers: 106.9% average sale-to-list, 57.7% sold over asking, and about 3.3 months of supply measured against pending sales. Fall markets have been softer.

How much are property taxes in Tenafly?

The 2025 effective rate is 2.086%, or about $31,968 a year on the $1,532,500 median. Bills depend on each assessment.

Does Tenafly have a train station?

Not for passengers. Service ended in 1966, and the proposed light rail extension would end in Englewood and is still in environmental review. Commuters use NJ Transit buses to Port Authority.

What income is needed to buy the median home?

About $465,000 a year at 7.03% with 20% down, keeping principal, interest and taxes at 28% of gross income.

Sources

• Redfin Data Center (ZIP 07670, 07627, 07624, 07626, 07632; Tenafly city; Bergen County; through May 2026)
• Freddie Mac Primary Mortgage Market Survey
• NJ Division of Taxation, 2025 General Tax Rates
• Fendrick Morgan, NJ transfer fees on sales over $1 million
• NJ REALTORS, Graduated Percent Fee
• Census Reporter, Tenafly borough (American Community Survey)
• Palmieri Properties, Tenafly price tiers by section
• First Street, Tenafly flood risk
• Office of Rep. Josh Gottheimer, flood infrastructure release
• Tenafly Public Schools
• Wikipedia, Tenafly Public Schools
• U.S. News, Tenafly High School
• Daily Voice, U.S. News Best High Schools in NJ 2026-27
• Niche, Tenafly High School rankings
• Wikipedia, Tenafly station
• NJ Transit, Hudson-Bergen Light Rail extension EIS
• Moovit, NJ Transit route 166
• Rome2Rio, Tenafly to Port Authority
• Borough of Tenafly, Housing Element and Fair Share Plan (June 2025)
• Borough of Tenafly, Affordable Housing Update
• Citizen Portal, Tenafly affordable-housing ordinances