Hot August Real Estate Market for Single Family Homes in Union County, NJ

The real estate market for single family homes in Union County, New Jersey, has been red-hot this August.  With soaring prices and short time on the market, it remains a persistent seller’s market. In this blog post, we’ll highlight the key statistics that have made it an exceptional month for both buyers and sellers.

Average Sales Price: A Remarkable Surge for Single Family Homes

One of the most striking statistics in the August real estate market report for single family homes is the average sales price, which stood at a substantial $812,612. This figure represents a remarkable 14% increase compared to the previous August, indicating significant appreciation in the value of single family homes over the past year. This surge in prices is undoubtedly good news for homeowners, as it reflects the high demand for homes in this area.

Sales Price vs. List Price Ratio: Favoring Sellers of Single Family Homes

Sellers continue to reap the benefits of this market. The sales price vs. list price ratio reached an impressive 106%, signifying that, on average, single family homes were selling for 6% above their listed prices. This competitive ratio indicates that buyers were willing to pay a premium for  properties in this area.

Average Days on Market: A Quick Turnaround for Single Family Homes

Single family homes in Union County didn’t stay on the market for long in August. The average days on market (DOM) was a mere 23 days. This illustrates the high demand and swift turnover in the real estate market.  This low DOM is particularly advantageous for sellers as it minimizes the inconvenience of extended listing periods and maximizes the chances of achieving favorable sales prices.

Inventory Levels: A Seller’s Market Persists for Single Family Homes

Despite the surge in demand and rising prices for single family homes, inventory levels in Union County, NJ, remain remarkably low. The market reported only 1.16 months of supply of inventory for single family homes, firmly establishing it as a seller’s market. With limited available homes for buyers to choose from, competition remains fierce, further driving up prices and favoring sellers in negotiations.

Conclusion

August was an exceptional month for the real estate market for single family homes in Union County, New Jersey. The statistics paint a compelling picture of rising home prices, competitive bidding, and rapid transactions. With an average sales price of $812,612 (up 14% from the previous year), a sales price vs. list price ratio of 106%, an average days on market of just 23 days, and inventory levels at 1.16 months of supply for single family homes, it’s clear that the real estate market for single family properties in Union County continues to be a seller’s dream.

If you’re considering buying or selling a single family home in Union County, now is an excellent time to take action. However, it’s essential to work with an experienced real estate agent who specializes in this area and can navigate the intricacies of this competitive market. With the right guidance, you can make the most of the current conditions and achieve your real estate goals for single family homes in Union County, NJ.  Let’s connect!

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