🏡 Cranford Real Estate Year in Review: 2023

Let’s take a look at the Year in Review for the Cranford Real Estate Market.  A powerful December put the cherry on top of a year filled with record-breaking home prices and growth in the Million Dollar housing market.  Let’s dive in!

MARKET CONDITIONS

Residential home prices reached $695,468, marking a 12% increase from the previous year.  Fueled by low inventory,  demand for homes drove up prices with only 203 homes selling in town for the year, which was 9% less than 2022.   

SALES PRICES INCREASED

In 2023, the average home sold for 5% over the list price. Noteworthy, 26% of homes surpassed the 10% over list price mark, and 9 homes achieved a remarkable 20% over list price. The standout was 45 Wadsworth, closing at $900,000—33% over the initial $679,000 list price.

SWIFT SALES

Homes had a brisk turnover, spending an average of 19 days on the market—27% faster than the year before. It became routine for homes to hit the market on a Friday and attract multiple offers by the following Monday or Tuesday.  58% of homes sold in less than 2 weeks and 15% sold in less than 1 week.

MILLION DOLLAR MILESTONE

The million-dollar housing market saw growth, with 19 homes crossing the $1 million mark—almost double from 2022. The highest recorded price was $1,496,000 for 21 Indian Spring Rd. These homes were predominantly new constructions, renovations, or historic properties.

DECEMBER WRAP-UP

Closing the year on a positive note, December saw 18 homes change hands at an average price of $680,577, a 25% increase from December 2022. On average, these homes sold for 5% over the list price, with 4 Virginia Street standing out at $851,000—17% over the $730,000 list price.

2024 OUTLOOK

Looking ahead, expectations for 2024 are relatively stable. Lean inventory and continued price growth are anticipated, albeit at a more moderate pace. While mortgage rates dropped at the close of 2023, they are not expected to reach the historic lows seen in recent years. A Seller’s Market will likely persist, offering a bit more predictability for Home Buyers.  I’ll be closely watching the market.  To stay on top of the latest Real Estate and local news, sign up for my Weekly Local email.