How is the Real Estate Market in Union County?

By
Real Estate Agent with Samsel & Associates 0790808

Different parts of Union County have been effected by the real estate market differently.  Below are the number of active and sold listings throughout the county, as well as the average number of homes sold per month in each town. Of course, different towns are different sizes and the values aren't comparable. To make them comparable, Real Estate professionals use the absorption rate which is the ratio of the average sold per month compared to the number of active listings, resulting in the "Months of Supply" still on the market. This refers to the number of months, at current rates, it will take to sell the existing listings.

Higher months of supply means that the town has a large inventory of unsold homes. This generally results in a slower market with lower prices. Lower months of supply generally results in a more vibrant market with homes seller at higher prices and in less time.

 

Town
         Active             Sold        Avg sold per month     Months     of supply
Berkeley Heights 83 117 9.75 8.51
Clark 75 106 8.83 8.49
Cranford 71 167 13.92 5.1
Elizabeth 266 193 16.08 16.54
Fanwood 33 64 5.33 6.19
Garwood 11 19 1.58 6.96
Hillside 148 84 7 21.14
Kenilworth 34 53 4.42 7.69
Linden 223 219 18.25 12.22
Mountainside 46 61 5.05 9.06
New Providence 60 109 9.08 6.61
Plainfield 313 169 14.08 22.23
Rahway 182 163 13.58 13.4
Roselle 201 110 9.17 21.92
Roselle Park 67 64 5.33 12.57
Scotch Plains 142 213 17.75 8
Springfield 81 143 11.92 6.8
Summit 105 229 19.08 5.5
Union 371 349 29.08 12.76
Westfield 158 304 25.33

6.24

A comparison of the various towns in Union County reveals that the towns that have the most vibrant sales today areCranford, Fanwood, Garwood, New Providence, and Summit. The homes hit the hardest are Hillside, Plainfield, and Roselle, with Elizabeth, Rahway, Union and Roselle Park not far behind.

 

 

Related posts:

Short Sales are better than Foreclosures

NJ is a judicial state - how does that affect us?

Use a 203k loan to buy a home that needs improvement

Shadow Inventory

Union County Market Trends

 

The above information is deemed reliable but not guaranteed. For more information, call your local real estate professional.

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~ Wayne & Jean 

Union County, NJ - a great place to live and work!

If you're looking to buy or sell a property in Union County, call us at 908-917-4189 or email TeamZuhl@gmail.com.

 

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All opinions, information and data provided is deemed reliable but is subject to errors and omissions. Not intended to solicit other Brokers' clients. We cooperate with them fully. 

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New Jersey Union County
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