Cranford NJ NewsLocal Real Estate Market May 3, 2024

Spring Real Estate Buzz: Cranford & Westfield Market Update

As we enter the peak of spring, the real estate markets in Cranford and Westfield are showing strong signs of activity, with home prices rising and properties selling quickly.

Cranford Insights

In Cranford, the average sales price rose to $775,379, marking a 23% increase from March and a 25% increase from April 2023. During the month, 21 homes were sold, spending an average of just 16 days on the market and selling for an average of 107% of the list price. Notably, some homes sold for well above their list price, such as 345 S. Union, which was listed for $619,000 but sold for $785,000—27% above the list price. Additionally, 507 Springfield Avenue set a record selling price for the town at $1,570,000, which was $181,000 above list price.

Homes Sold in Cranford: April 2024

Westfield Market Highlights

Westfield also experienced a robust month, with the average home sales price reaching $1,373,192—a 32% increase compared to April of the previous year. Homes in Westfield sold quickly, spending an average of only 13 days on the market and fetching 109% over the list price. Notable sales included 755 Oak Avenue selling for $1,055,000, $230,000 above list price; 1137 Summit Avenue selling for $1.4 million, $250,000 above list price; and 158 Harrison Avenue selling for $1.95 million, $251,000 above list price.

Homes Sold in Westfield: April 2024

A Silver Lining for Buyers

Despite the competitive seller’s market, there’s some positive news for buyers. Both Cranford and Westfield saw a notable increase in new listings during April, providing more options for those looking to make a move.

Looking Ahead

As we move further into the spring and summer months, the real estate landscape in Cranford and Westfield is expected to remain dynamic. Sellers can continue to benefit from strong demand and rising prices, while buyers will have more inventory to consider as they navigate these popular markets.

Stay tuned for further updates as I continue to track the evolving real estate trends in Cranford and Westfield!  For a Weekly Market update, sign up for The Weekly Local

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