The height of the spring market.

By robin May 13, 2024

THE HOUSING MARKET IN NORTHERN NEW JERSEY

Here we are in the height of the 2024 spring market!  It is turning out to be quite a ride.  Experts say that from March 2023 to March 2024, prices are up over 10% and that does not consider how vibrant the market was in April. 

We have seen prices go through the roof in all our local towns.  What has held true this year is that the absolute highest prices were paid on homes that hit the market in January, February, March.  The sellers that followed this strategy reaped the benefits.  

Last week we saw a large infusion of inventory hit the market.  In fact, I would venture to say that it was the largest one-week amount that I have seen in years.  Many of them were priced over one million, at least in South Orange/Maplewood.  In fact, there were 18 homes on the market in that range alone.  Almost all of them received at least one offer.  This price range is one of the most active ones at this moment.

In short, the markets remain very competitive.  If you are planning to buy or sell, now is the time.  Inventory should continue to be free flowing for the next few weeks into early to mid-June, after which it typically restricts a bit for the summer.  Interest rates are not expected to reduce anytime soon so there is no reason to wait for it. 

TEXT US WITH ANY QUESTIONS ABOUT THE MARKET OR ANY OTHER REAL ESTATE TOPICS THAT ARE OF INTEREST TO YOU.

Fran-646-734-3718 or Randy 646-734-9077