Hey, good morning guys. Matt De Fede with Realty Executives Elite Homes. This is the Nutley Real Estate Report. If you could see the board behind me, basically what's going on right now is this, and I'm going to explain the opportunity here because a lot of people are worrying about the shift that you hear people talking about. It's not that bad. I'm going to tell you why in a minute.
What we're looking at right now is a median listing price of about $440,000 in Nutley. That's the listed price, what the home is listed at, not what the home is sold at.
What matters is what price the home is sold at. We're looking at $440,000 is the average list price when a home goes on the market in Nutley, and the average sold price is right now about $389,000. List price is $440,000, sold price is $389,000. That's what matters to appraisers is the actual sold price.
You're going to list a home for anything you want and you can have realtors tell you your house is worth millions of dollars, but it's not going to happen when somebody goes to buy it because the market determines what the price is. Right now the market is determining that median priced home is $389,000.
That's on an average. The other thing that has changed since May of this year is the actual days on market. We're looking at an average of 60 to 61 days on the market now. That's two months.
In May we were back at 27 days on the market, and yes, this has to do with that shift that's going on right now and we're going into a more normal market, and that's a good thing.
The other thing we have to look at is we only have about 200 homes on the market. That's an opportunity for home sellers right now because demand, supply and demand, demand is pushing the home prices up and that goes for all the surrounding towns as well, Nutley, Belleville, Clifton.
The only thing we have to watch is the interest rate. We're looking at an average interest rate right now about 4.9%. We have a whole generation of people that have not ever seen a 5% interest rate within the last 10 years. They've never seen it so they don't think it's normal, but it is.
What that does do is push down affordability and how much home a person can afford. A point can bring up your payment 100 bucks, 200 bucks, depending on what type of home you're buying.
That's what's going on right now in Nutley. That's the real estate market in a snap shot. If you have any other questions feel free to reach out to me.
Matthew De Fede, Realty Executives Elite Homes and have a great weekend. You Search For Homes in Nutley, Belleville & Clifton New Jersey at: http://www.nutleyrex.com