Cranford NJ NewsLocal Real Estate Market August 2, 2023

July 2023 Cranford Market Update

Home prices continued to rise in Cranford for the month of July, coming in at $691K which was 15% higher than last July.  This price growth is really driven by continued low inventory.   Twenty three homes sold in the month  and only twenty one new homes were listed for sale which was -28% to last year.  

Home Sales Highlights

This year, there have been more homes sell in the million dollar price range than in previous years.  This trend continued with two homes selling for over $1M this month for the month.   Home are also selling quickly and for significantly over list price.  The average home sold for 7% over list price and in only 18 Days.  We are in Summer peak which is when we typically see prices at the high for the year but this continued year over year growth is pretty crazy.  As long as inventory remains so lean, it will most likely not slow down.  If you are thinking about listing or curious what your home is worth in this market, let’s connect!

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