Cranford, NJ Home Prices - March, 2015

By
Real Estate Agent with Coldwell Banker, Westfield, NJ

Cranford, NJ map

Cranford, NJ Home Prices
March, 2015


Real estate market data for Cranford, NJ provided by Tg Glazer of Coldwell Banker, Westfield-East.

 

Cranford, NJ Home Prices

 

The real estate market in Cranford, NJ continues it's slow start this year.  New homes coming on the market have continued to lag behind last year's pace.  Even so, the market indicators are looking up, and moving forward.  If you are considering buying a home in Cranford, NJ, there are plenty of things to consider, so having a good real estate agent who understands the market is a must.  Don’t wait on the sidelines for too long, many of our listings are starting to sell within a few days of hitting the market. As you can see from the graph below, listings are actually selling for slightly ABOVE asking price right now. To make sure you don't overpay for your home, you'll want to have an agent that does a thorough market analysis of the Cranford home on which you are making an offer.

If you are interested in how much current inventory is on the market in Cranford, NJ you can find that information by clicking on the link. High inventory will suggest that homes are sitting on the market for longer. Currently, in Cranford, single family homes have a median time of 53 days on the market before they sell. This would suggest that buyers are in a great position to make an aggresive offer on a home. Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers. The very low absorption rate of 3.2 months indicates that Cranford is still very desirable, and that homes are being snatched up, pushing prices higher.  While interest rates are still at historic lows, any increases in rates paired with increases in prices, will dramatically decrease the how much home a Buyer can afford. 

 

 

Cranford Home Prices

 

 

 

Cranford, NJ Real Estate Market Reports

Cranford Real Estate Report Summary


There were 21 homes that came on the market in Cranford in February, and 6 sales that closed.  The median sale price in February for single family homes in Cranford was $460,000. This was an enormous increase of  38% from the previous month and an increase of 21% year-over-year.

That is great news, and the demand is bourne out by the fact that the average Days On Market in February was 53, down from 77 in January.

And that all important Absorption Rate was 3.2 months of inventory, up from 2.8 the previous month, but still indicating strong buyer demand.


Find Homes for Sale in Cranford, NJ

Visit my website to search for homes in Cranford, NJ or to be notified when Cranford homes come on the market.

To find out what you home is worth in the current market email me or call 732-682-7299.

Comments (1)

Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Tg Glazer - The Right Realtor® for the Right Results! - that's a great thing to know - "listings are actually selling for slightly ABOVE asking price right now."

Mar 28, 2015 04:37 PM