If you have been watching Hackensack lately, you have probably noticed the cranes, construction fences, and fresh storefront plans taking shape downtown. That kind of visible change naturally leads to big questions about home prices, rents, competition, and whether now is the right time to buy or sell. The good news is that Hackensack’s redevelopment story is large enough to matter, but nuanced enough that you need more than a simple hot-or-cold market label to understand it. Let’s dive in.
Downtown growth is changing the market
Hackensack is not dealing with just one major project. The city says downtown is undergoing its most significant transformation in decades, with about 4,000 additional residential units expected over several years, along with new retail, parks, performing arts space, open-air plazas, streetscape work, and sewer upgrades, according to the city’s redevelopment overview.
That momentum appears set to continue. A broader 2025 redevelopment plan says downtown already has more than 3,000 residential units completed or under construction and another 2,000 in planning or approval. While exact totals vary by document, the larger point is clear: Hackensack is in a sustained redevelopment cycle, not a short-lived building burst.
Why Hackensack can support more housing
Large-scale development works best when a city has the infrastructure and location to support it. Hackensack’s redevelopment plan points to two NJ Transit rail stations, a regional bus station, and access to Routes 4, 17, 46, I-80, and the Garden State Parkway, plus close regional connections to the George Washington Bridge and Lincoln Tunnel.
The same plan also notes that Hackensack has major employers and a large daytime population. For you as a buyer, seller, or investor-minded homeowner, that matters because housing demand is tied not just to current residents, but also to people who want access to jobs, transit, and downtown services.
Key projects to watch downtown
Several major projects help show what kind of inventory is being added and where competition may increase first.
360 Main Street and 359 Main Street
The city says the former YMCA site at 360 Main Street was approved for a 254-unit residential building with a 6,000-square-foot public plaza. In that same city announcement, Hackensack said 359 Main Street has 107 units planned.
These projects matter because they add a meaningful number of homes in the downtown core, while also contributing to the public realm. That combination can affect nearby housing choices and the overall feel of the district over time.
The Sapphire at 132-148 Main Street
Another notable project is The Sapphire at 132-148 Main Street, approved as a seven-story mixed-use development with 100 rentals, office space, a restaurant pad, and retail space near the bus terminal.
The city’s redevelopment plan for the same site emphasizes a more urban, mixed-use downtown layout, with housing above commercial space and separate residential and retail entrances. That kind of design can support a stronger downtown environment while increasing rental inventory.
The pipeline goes beyond a few buildings
The development story is not limited to one or two addresses. Hackensack’s Planning Board page lists files for 360 Main, 436 Main, 132-148 Main, 20 Mercer, 1 Essex, and other redevelopment items, showing that infill activity remains broad and active.
For you, that means market change may come in waves rather than all at once. New competition, especially in multifamily housing, is likely to continue shaping the downtown market over time.
What this likely means for rents and supply
Hackensack’s housing mix helps explain why new development could show up first in the rental market. According to Census QuickFacts, the city has about 46,630 residents and an owner-occupied housing unit rate of 36.6%. The city’s 2025 housing plan says 61.6% of occupied units are renter-occupied, with 21,405 total housing units.
Because so much of the new pipeline is multifamily, the strongest near-term effect is likely more renter choice and more competition among newer apartment and condo-style options. Based on the city’s redevelopment pattern and renter-heavy housing stock, that could help slow rent growth more than it changes detached-home prices in the short run.
That does not mean prices suddenly fall across the board. It means the added supply may ease pressure in specific segments first, especially downtown rentals and some condo-style inventory.
Current Hackensack market data is mixed
One reason people feel uncertain about Hackensack right now is that market data looks different depending on the source. Zillow’s Hackensack market page says the average home value is $461,034, up 1.8% over the past year, with homes going pending in about 53 days and average rent at $2,622, up 1.9% year over year.
At the same time, the research also notes that Redfin shows a median sale price of $400,000 in February 2026, while Realtor.com shows 63 homes for sale, 163 rentals, a median listing price of $350,000, and a median of 37 days on market. Realtor.com currently describes Hackensack as a buyer’s market, while Redfin calls it somewhat competitive, based on the research report.
The takeaway is not that one source is right and another is wrong. The real takeaway is that Hackensack is a mixed market, where conditions can vary by property type, price point, and location within the city.
Why sellers should pay attention
If you own a home in Hackensack, new development is not just a supply story. It is also a reinvestment story. The city is pairing housing growth with public upgrades like streetscape work, sewer improvements, plazas, retail additions, and other downtown enhancements through its broader redevelopment efforts.
That matters because buyers often respond not only to square footage and finishes, but also to the feel and function of the surrounding area. Improved public spaces and a more active downtown can help support long-term value, even as new inventory creates more short-term competition in certain categories.
For sellers, that means strategy matters more than ever. If your property competes with new construction or newer multifamily homes, pricing, presentation, and marketing can make a meaningful difference.
Why buyers may have more options
For buyers, especially those considering condos, townhome-style properties, or urban-style living near transit, redevelopment can create more choice. More inventory often means more opportunities to compare features, timing, and location before making a decision.
Hackensack also remains relatively affordable compared with Bergen County overall. Zillow’s Bergen County data puts the county’s average home value at $750,551 and average rent at $2,760, compared with Hackensack at $461,034 and $2,622.
That price gap helps explain why Hackensack continues to stand out. You may still find a more accessible entry point here than in other Bergen County markets, while also benefiting from a city that is adding amenities and housing options.
Hackensack compared with nearby towns
Hackensack’s position becomes even clearer when you compare it with nearby Bergen County communities. Zillow shows average home values of $666,083 in Teaneck, $575,834 in Fort Lee, $606,097 in Englewood, and $1,012,734 in Paramus, based on the county and municipal pages cited in the research.
That does not make Hackensack better or worse. It simply shows that Hackensack occupies a distinct place in the Bergen County market: more attainable than many nearby towns, yet increasingly shaped by transit-oriented, mixed-use redevelopment.
For many buyers and sellers, that balance is exactly what makes Hackensack worth watching. It offers a more urbanized downtown setting without pricing at the level of some neighboring markets.
Affordable housing is part of the plan
It is also important to note that the city’s redevelopment strategy is not framed as luxury-only growth. The redevelopment plan states that developers must either provide affordable housing units within projects or contribute to the city’s affordable housing trust fund.
The city also says inclusionary overlay zones along parts of Main Street, Johnson Avenue, Essex Street, and Hudson Street require affordable units in new residential projects there. That policy can help diversify the types of homes being added as redevelopment continues.
What to expect next in Hackensack
The clearest and most defensible expectation is that new development should increase choice and competition in the apartment and condo segment first. It is less likely to trigger a sudden, citywide drop in home prices, especially given Hackensack’s active demand, strong transit links, and broader public investment.
In practical terms, you should expect a market that remains active but nuanced. Some sellers may need sharper positioning. Some buyers may gain leverage or more selection. And both sides should pay attention to property type, location, and timing rather than relying on broad headlines.
If you are thinking about buying or selling in Hackensack, local context matters. The right strategy depends on how your home or target property fits into a market that is changing block by block. When you want guidance rooted in Bergen County expertise and thoughtful marketing, Links NJ is here to help.
FAQs
How is new development affecting home prices in Hackensack?
- New development appears more likely to increase housing choice and competition in apartments and condos first, rather than cause a sudden drop in overall home prices citywide.
Is Hackensack a buyer’s market or a seller’s market right now?
- Current sources describe Hackensack differently, with some calling it a buyer’s market and others calling it somewhat competitive, which suggests conditions vary by property type and price range.
Why does downtown redevelopment matter to Hackensack homeowners?
- Downtown redevelopment matters because it adds housing, retail, public spaces, streetscape upgrades, and infrastructure improvements that can influence buyer demand and long-term value.
Is Hackensack still more affordable than nearby Bergen County towns?
- Based on the research report, Hackensack remains below Bergen County’s average home value and average rent, and also below nearby towns like Teaneck, Fort Lee, Englewood, and Paramus on Zillow’s home-value measure.
Will new apartment construction lower rents in Hackensack?
- The research suggests that added multifamily supply may create more renter choice and slower rent growth, but it does not support a claim that rents will broadly or quickly fall across the city.
