Real Estate Market Report for Buyers & Sellers in Cranford - Sept '15

By Wayne Zuhl

Real Estate Agent with Remax First Realty II 0790808

September 12, 2015 09:13 PM

Cranford, New Jersey, is home to nearly 23,000 people in the center of Union County. In 2010, New Jersey Monthly magazine ranked Cranford as 34th in its rankings of "Best Places To Live" in New Jersey.

If you are considering buying or selling a home in Cranford, your first step is to understand the real estate market in Cranford so that you can make an informed decision regarding how much a house is worth.

Sales: Currently there are 106 homes offered for sale in Cranford. The trend line for that past 3 years shows a marked increase in inventory. There were 32 homes sold in Cranford in August. The trend line over the past 3 years shows a slight increase in sales which helps to reduce the inventory.

Prices: The average sale price of a home sold in Cranford in August was $470,536. Home prices have been increasing for several years. Again, supply and demand plays a part in this. As more buyers become interested in Cranford, Cranford home sellers are able to see a larger sale price.

Days on Market: People who are selling their house often have anxiety about maintaining their home in show-ready condition. Being constantly ready for a showing is stressful and most home sellers are eager to sell quickly - not only to relieve the anxiety of being on the market, but also to help them get to the next stage in their lives. Therefore, Days on Market can be an indicator of how long an average home will take from the day it is listed until the day it sells. In Cranford, homes sold in August after an average of 35 days on the market. The good news is that the overall trend in Cranford is that homes are selling more quickly now than they were two or three years ago. The bad news is that homes sell slowest, typically, over the winter. Homeowners who want a quick sale have a small window of opportunity in the autumn before risking a longer time on the market.

If you’re planning on selling your Cranford home, call Team Zuhl today for a free comparative market analysis of your home. If you’re thinking of buying a home in Cranford, call us today!

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