Rahway Real Estate Market Report - April, 2013
Located in southeastern Union County is the City of Rahway, NJ Rahway is a city that is in the midst of a renaissance and has had several revitalization projects in recent years.
Rahway is home to nearly 28,000 people. The area was once the home of the Lenni Lenape Native Americans and the city was named for a local tribal chief whose name was Rahwack. The corner of St. Georges Avenue and Westfield Avenue was the site where George Washington met troops from Elizabeth and Newark during the Revolutionary War.
Rahway public school children are served by four elementary schools, Rahway 7th and 8th grade Academy and Rahway High School.
Commuting to and from New York City from Rahway is a breeze. Rahway Train Station was renovated in 1999 and a new parking deck was built in 2005. A train ride from the Rahway Train Station to Penn Station in NYC takes about 40 minutes.
The housing inventory in Rahway dropped over the winter but has been increasing since March and now there are 187 active listings in Rahway. Ten homes were sold in April and a total of 44 homes have been sold so far in 2013.
Homes in Rahwaysold quickly in spring and early summer of 2012 with an average days on market in May of 2012 of only 79 days. In April of 2013, the average days on market of a home in Rahway was 101 days. Sellers who want to sell their home quicker should be sure that it is marketed properly. Here is a link to a free video on selling your home. You also could consider an incentive such as a home warrantee.
Sale prices in Rahway are lower now than they were a year ago. With a high inventory, this is unlikely to change any time soon.
Buyers are making purchases of homes at an average of 90% of their list price in Rahway.
For more information on Rahway Real Estate:
Rahway, NJ - A brief historical look - 03/04/13
The Winter Real Estate Market in Rahway - 02/23/13
Buying or Selling a Home in Rahway, NJ - 01/12/13
Free Market Report of Rahway Homes! - 08/13/12
Rahway Market Trends - 03/25/12