We are just over the 1-year mark of the current Seller’s Market in Millburn Township. Mortgage rates remain at record-level lows which makes buyers more willing to pay a premium for property here. Sellers still frequently experience high demand when listing their home in the township, and we've seen that many of our listing clients have experienced multiple offer situations.
July stats reflect a continued surge in record-pacing activity for the township. Number of units sold-to-date are tremendously higher than past years for both towns with Short Hills displaying a particularly high increase by the end of July and strong numbers for Millburn as well. The luxury market in Short Hills has been especially active compared to past years, resulting in average year-to-date home sale prices exceeding the $2 million threshold for the month of July.
Days on Market for both Millburn and Short Hills are lower then 2020 and 2019 averages indicating the continued competitive situation for Buyers. With inventory increasing slightly, there may be room for other types of buyers including those who did not want to get into bidding wars, buyers not needing to start public school in September, and move-up buyers in town.
Comments(1)