THE REAL ESTATE MARKET IN NORTHERN JERSEY
What we currently see is that not everything is selling the first week out. The perfect homes are in fact getting offers and are going well over the asking price. The houses that do not check all the boxes are sitting for perhaps 2 or more weeks. This is a big change. Overall, the number of buyers out there has reduced due to the rising interest rates and the fact that it is midsummer. Unless a home purchase is necessary right now, some buyers have put things on hold.
There is now talk of another interest rate hike and these incremental increases will likely continue to eliminate a certain segment of the buyers who can no longer afford to make a purchase. As time moves on this year we will likely see a leveling off of the demand and in turn, pricing.
LOCAL MARKET STATISTICS -For Single Family Homes.
| Active Now (as of 6/19) | Under Contract since July 1 | |
| MAPLEWOOD | 26 (17) | 12 |
| SOUTH ORANGE | 12 (12) | 7 |
| WEST ORANGE | 44 (59) | 23 |
| MONTCLAIR | 28 (22) | 14 |
| BLOOMFIELD | 33 (26) | 12 |
| MILLBURN/SHORT HILLS | 51 (48) | 11 |
| ORANGE | 16 (14) | 7 |
| UNION | 55 (60) | 20 |
| SUMMIT | 38 (31) | 3 |