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Cranford Real Estate Market Report - January 2019
Cranford remains one of the most sought after towns in Union County. Here's what's been happening in the Cranford real estate market this winter.
Inventory
There were 86 homes offered for sale in Cranford in December compared to the 12 month average of 78. There were 17 single family homes sold in Cranford in July, significantly less than the 33 that were sold in June but only slightly less than the 12 month average of 18. Decreasing inventory drive prices up and/or decrease the length of time it takes to sell a home.
Inventory and sales are variable  monthly as shown by the peaks and valleys in the graph above. Some variability can also be attributed to homes that are more desirable or less desirable than the average Cranford home. Homes that are in exceptional condition or well priced won't stay on the market long, whereas distressed properties or homes in disrepair stay around longer and cause data variations. Even conditions such as weather affect home sales - fewer buyers are out looking on days that are oppressively hot or rainy.
Prices
The average sale price of a home sold in Cranford in December was $510,124, about 2% higher than the 12 month average of $501,062. ... more

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