Linden, NJ, is a city of about 40,500 people in southeastern Union County.
Buyers looking to purchase a home in Union County still have plenty to choose from in Linden - there are 265 active listings as of September 1st, 2012, but the inventory is slowly dropping.
Summer activity was high with 23 homes sold in August, dropping off to a still robust 18 in September.
A comparison between the sold listings and the active listings can be used to calculate the absorption rate. The absorption rate is the data upon which real estate professionals identify a market as a "buyer's market" or a "seller's market." If the absorption rate is above 6 months, there are more homes than there are buyers and the market is said to be a buyer's market. If the absorption rate is below 6 months, there are more buyers than there are homes and the market is said to be a seller's market.
In Linden, the absorption rate is just under 12 - it would take 12 months of buying at the current rate to sell all of the inventory that is currently available. This creates a buyer's market - conditions are such that there are more homes available than there are buyers in Linden.
Luckily for sellers, the absorption rate has been dropping since July - that means the market is getting less favorable for buyers and more favorable for sellers.
Home prices in Linden have fluctuated about 22% over the past six months and are currently at the lowest they've been since May.
If you're interested in buying or selling in Linden, NJ, Team Zuhl offers 2 realtors for the price of one!
For more information on the real estate market in Linden:
How do additional bathrooms or bedrooms affect market value in Linden?
Free Market Analysis of Linden, NJ
Linden, NJ, Market Report - 1st half of 2012
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