Home values across New Jersey are gradually rising. Statewide, home prices are up 3.7% from a year ago.
Northern New Jersey has seen the greatest price improvement at 9.7%. Meanwhile, Newark-Union area home values are up by 5.3%.
Closer to home, we are definitely seeing increased demand. Millburn-Short Hills home prices are firming, with a list-to-sales ratio of 96%, meaning that most home sellers are getting their asking price. In a few instances we have obtained final sales prices higher than the original listing price.
Days on market vary widely depending on the type of home, location and price. We have homes going under contract in less than 10 days, and homes that are taking a few months to sell. Another encouraging trend is the fact that several homes with long-aged days on market have now been sold.
Looking ahead, contract activity shows that the pace of sales is gaining speed. As of March, Essex County had 479 homes under contract, which puts us ahead of last year's volumes by 23.8%.
Union County has 365 homes under contract, an improvement over last year of 20.1%.
Please keep in mind that these are averages, and that home prices and sales activity in your immediate neighborhood may vary. You can take a look at what's going locally by visiting the Market Updates section of my website!
If you are thinking of selling your Millburn-Short Hills home, start with a comparative market analysis! It's completely free, and there is no obligation. I will also provide a net sheet to show your estimated proceeds from the home sale. With demand on the rise and home inventory falling, now could be a terrific time to put your home on the market.
As your Millburn-Short Hills real estate professional, I will provide the expert guidance you need for a successful home sale! Contact me today, and let my 18 years of experience be your advantage!
Elaine Pruzon
Coldwell Banker Residential Brokerage
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