Cranford Real Estate Market Update for May 2024

The Cranford Real Estate Market remained strong for May 2024, with significant growth in average sales prices and an increase in new listings. Here’s a detailed look at the current market trends and what to expect in the coming months.

Average Sales Price Increase

The average sales price for homes in Cranford rose to $761,151 in May 2024, marking a 14% increase from last year. This price surge reflects the high demand and limited inventory that continues to characterize the market. Notably, three homes sold for over $1 million, underscoring the competitive nature of the market.

New Listings on the Rise

In May 2024, there were 24 new listings, a 9% increase compared to last May. This is a positive sign for buyers, indicating a slight improvement in the availability of homes. However, inventory remains at historically low levels, which is a significant factor driving up prices.

From 2020 to 2022, about 29-30 homes came on the market each May. When compared to May 2019, which saw 59 new homes listed, the current number is 60% lower, highlighting the persistent scarcity of available properties.

Market Competitiveness

The Cranford real estate market remains highly competitive. Most homes receive multiple offers and go under contract very quickly. On average, homes sold for 106.6% of their list price, with some properties fetching as much as 20% over the list price.

For example, 99 Burnside sold for $800,000, which was $141,000 over its list price of $659,000. Similarly, 2 Adams sold for $830,000, $131,000 over its list price of $699,000. These examples illustrate the intense competition among buyers and the premium prices being paid for desirable properties.

Looking Ahead

As we move into June and July, we can expect more inventory to come on the market. Historically, these months are peak periods for new listings. However, inventory levels typically taper off as we approach the fall and holiday seasons.

For those looking to buy or sell, now is an opportune time to enter the market. Increased inventory in the coming months may provide more options for buyers, while sellers can benefit from the continuing high demand and competitive bidding environment.

Stay tuned for further updates on the Cranford real estate market, and make sure to act quickly to take advantage of current market conditions.

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