Are home selling over asking?

By robin March 7, 2024

by Fran Lichtman
As March begins, I can report that the last 7 weeks have continued to see multiple offers and well over asking prices yet again. The open houses have been full and the majority of weekly listings last only one weekend. There is now another new and higher level of comps that exist in these local towns.
Anyone who bet that it was a good idea to wait to purchase a home in the hopes that lower interest rates would prevail just lost that bet with rates inching up this past week. Hang in there…. Everyone needs a place to live, and we have some beautiful houses in our towns!
Call us to discuss a purchase or a sale. We will expertly guide you in the process.

LOCAL MARKET STATISTICS -For Single Family Homes. 

                                          ACTIVE TODAY      UNDER CONTRACT 
                                            (as of 2/11/24)            (since 2/1/24)
MAPLEWOOD                         13(16)                          18
SOUTH ORANGE                     7(12)                             9
WEST ORANGE                      19(21)                           20
MONTCLAIR                            9(10)                           16
BLOOMFIELD                          7(9)                            10
MILLBURN/SHORT HILLS      19(17)                           18
ORANGE                                9(17)                            12
UNION                                    20(28)                         28
SUMMIT                                  19(14)                            9