Cranford, NJ Home Prices
July, 2015
Real estate market data for Cranford, NJ provided by Tg Glazer of Coldwell Banker, Westfield-East.
Cranford, NJ Home Prices - Steady Summer
The real estate market in Cranford, NJ continues its steady summer. Activity has continued to increase at a reasonable pace, as have prices. 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 selling within a few days of hitting the market. As you can see from the graph below, listings are not selling exactly for asking price, but the gap is narrowing. 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 31 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 low absorption rate of 3.8 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 Real Estate Report Summary
There were 34 homes that came on the market in Cranford in June, and 25 homes that closed. The median sale price in June for single family homes in Cranford was $475,000. While this was a decrease of 2.4% from the previous year, it was up slightly from the previous month.
The average Days On Market in June was 31, down from 49 in May and 68 in April. This means that homes are continuing to sell more quickly, as demand increases.
And that all important Absorption Rate was 3.8 months of inventory, down from 4.3 the previous month. All good news for home Sellers and for the real estate market in Cranford, NJ overall.
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.
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