Cranford Real Estate Market Update: October 2022

The Real Estate Market in Cranford NJ softened a bit in the month of October.  The average sales price dropped from the prior month.  The average days on market was a little faster, though, which means that homes are selling a bit faster.  Inventory also remains very lean.  Homes that are priced right are still selling at or above listing price in a short period of time, there are just very few homes for buyers to choose from!

Average Sales Price

The average sales price for October was $557,312, which was 15% lower than the the previous 3 months.  This was also -8% to October 2021, but still an increase over most of 2021 and early 2022.  Only 16 homes sold for the month of October, which was 44% less than October 2021 and 25% less than the previous 3 months.

Average & Median Sales Price in Cranford in October 2022

Homes Sold

The homes that sold in Cranford in October ranged in price from $247,000 to $980,00.  This was in line with their list price, on average, although 5 of the homes sold for more than their List Price.  The most notable was 5 Thomas which sold for $750,000 which was +$51,000 over List Price.  On average, homes sold in 34 Days, although 6 of these properties sold in  2 weeks or less.  The homes that sold more quickly, sold at our above list price.  Generally, homes that sat on the market longer, sold for below list price.  This indicates these homes were mostly likely priced too high to begin with.

Homes Sold in Cranford in October 2022

Market Updates

The Real Estate Market in the Cranford area and Nationally continues to change.  For home buyers and sellers, it is important to work with a Real Estate Agent that has a strong pulse on your local market.  Sign up here to receive email updates from Brooke Filosa on the Real Estate Market in your area.