Cranford Summer Real Estate Market – June Home Sales

As summer unfolds in Cranford, the local real estate market is heating up, showcasing significant trends in home sales. Here’s a look at the key numbers and what they mean for buyers and sellers.

Market Trends and Prices

In June, the average home sale price in Cranford was $815,333. This represents a 5.81% increase from last year and a 12.87% rise compared to the last three months. This steady climb in prices indicates strong demand for homes in Cranford.

Sales Activity and Competition

Out of the 25 homes sold in June, five fetched over $1 million each. Homes in Cranford are selling quickly, with an average of just 14 days on the market. More than half of these homes were sold in less than 10 days, reflecting the competitive nature of the market. The average sales price was 107.4% of the list price, with one home selling for 20% over its asking price. Additionally, 11 homes sold for more than 10% above their list prices, and 85% of homes sold for more than their asking prices, highlighting the bidding wars among buyers.

Inventory Challenges

Despite the robust sales and high demand, inventory remains tight. June saw only 19 new listings, a 32% decrease from last June. This lean inventory adds further pressure on buyers and contributes to the competitive pricing and quick sales turnaround.

Conclusion

June’s home sales data highlights a very active and competitive real estate market in Cranford. With rising prices, quick sales, and many homes selling above their list prices, it’s a great time for sellers. Buyers, however, need to act fast and be ready to navigate a competitive market. As we move further into summer, we expect these trends to continue, making it an exciting time for real estate in Cranford.

Stay tuned for more updates on the Cranford real estate market!

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