The real estate market in Cranford has adjusted in a similar fashion to surrounding towns, with prices easing off historic highs from one year ago. There are currently 73 single family homes and 8 multi family homes on the market for sale. These numbers have stayed relatively stable over the past few months, with an equal number of sales and new listings. Inventory levels are much higher than before, giving buyers more options when selecting a home.
Although prices and demand in general have trended lower, Cranford still remains an appealing option for many buyers, which has enabled homes to sell quickly if they are priced properly. Multiple offers are still a possiblity for competetively priced homes.
I expect this slight price softening trend to continue for the next several months, with buyers willing to pay a fair price for homes, and disregarding homes that are priced considerably above market value.
There were 12 properties that closed in November in Cranford, the average selling price was $497,681 and the average days on market was 88. (according to Garden State MLS Statistics)
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