Scotch Plains Real Estate Market Report

By Wayne Zuhl

Real Estate Agent with Remax First Realty II 0790808

May 24, 2014 10:48 AM

When you're thinking of buying or selling a home, the most important first step is to learn about the real estate market in your town. Factors such as inventory, sold prices, and days on market can influence the value of your property. Here's what you need to know if you're thinking of buying or selling in Scotch Plains.

Inventory

There are currently 145 properties offered for sale in Scotch Plains. Properties range in price from $169,000 all the way up to $3,295,000. This is a little low for the spring market when you compare it to the 162 properties that were listed in April of 2013. Spring is typically when there is the highest inventory, so it will be interesting to see how this plays out over the summer when most sales take place.

Prices

There were 12 homes sold in Scotch Plains in April at an average sale price of $434,042. This is slightly under the average price over the past 12 months which was $478,499, and well under the average price of April, 2013, which was $511,883.

Days on Market

Sales are definitely slowing down in Scotch Plains. The average sold home in April had been on the market for 74 days, well above the 53 days it took in April of 2013 and well above the 12 month average of 61 days. Homeowners who want to sell their home need to be aware that homes that are priced right and in good repair will sell more quickly.

For more information and to view the latest Scotch Plains infographic, click here.