Local Real Estate Market February 1, 2023

Real Estate Market in Cranford NJ: January 2023

Real Estate Market in Cranford NJ: January 2023

The Real Estate Market in Cranford NJ started to pick up in the month of January.   The Average Sale price was $574K which was +6% to December.  Homes continued to sell above list price, with the average sales price going for about 2% over.  This is a softer than the peak in the middle of last year but some homes are still selling for significantly over asking.  Two homes in town sold for 10% and 14% over list price, respectively, and both sold in less than ten days. 

Part of the reason we are still seeing high prices is that inventory remains very lean.  There were only 9 homes sold for the month which was -18% to last year -40% to December.  On a positive note, new listings picked up from December with 12 new homes listed which is +50% to Dec but still down to last year and very low historically.   New listings are also selling quickly.  Seven of the new listings for the month already went under contract in an average of twelve days.  The remaining five new listings have only been on the market for less than a week and will likely go quickly. 

For home owners that have been considering selling their homes, now is a fantastic time to list!   Buyers are hungry for options and homes are selling quickly.  Traffic was extremely high at Open Houses last week and there were definitely some bidding wars.  Although this may seem intimidating to Buyers, there are many things they can do to stay competitive.  I am very tuned in to the local market and keep a close pules on the latest trends so they I can help to guide and advise my clients. 

Let me know if you have any questions and I’ll continue to keep you updated on the Real Estate Market in Cranford.  

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