Cranford Real Estate Market Update: September 2024 – Record-High Home Prices!

Cranford Home Prices Hit Record Highs in September 2024! With an average home sales price of $909K, the market is up a remarkable 50% compared to last year. Let’s dive into the latest data and explore what’s driving these trends.

Cranford Home Prices on the Rise

Home prices in Cranford have been climbing steadily over the past few years. In fact, since 2019, average home prices have jumped by 41%. While many people wonder when the market might slow down, the reality is that we haven’t seen any signs of it yet. With inventory remaining tight and demand strong, home prices continue to soar.

What’s Driving the Increase?

Several high-priced home sales pushed the average up this month. Notably, 5 homes sold for over $1M, including the “castle” home on N. Union Avenue, which went for $1.5M—one of the highest sales in town. There were also a few newly renovated homes that sold for around $1.2M. Additionally, 4 homes sold for over $900K. On average, homes in Cranford sold for 6% over the list price, translating to about $54K above asking at this price point.

Low Inventory & Days on Market

Cranford’s inventory remains lean, with only 17 new homes listed in September, down 15% compared to last year. This limited supply continues to drive competition among buyers. The average days on market (DOM) also dropped to 20 days, which is a 13% decrease from last year. Homes are moving quickly, and buyers need to be ready to act fast if they want to secure a property in this competitive market.

What Does This Mean for Buyers and Sellers?

For buyers, the market remains highly competitive, with homes often selling above asking price and moving quickly. If you’re looking to buy in Cranford, be prepared to move swiftly and submit strong offers to stand out in this fast-paced environment.

For homeowners curious about what their property is worth, these record-high prices indicate that it’s an excellent time to explore your home’s value. With demand continuing to outpace supply, sellers can potentially benefit from favorable market conditions.

Thinking About Buying or Selling? Let’s Connect!

Whether you’re a buyer navigating this competitive market or a seller curious about how much your home is worth, I’d love to help. Feel free to reach out to discuss your real estate goals!