Rahway Real Estate Market Update - August 2019

By
Real Estate Agent with Samsel & Associates 0790808

If you own a home in Rahway, or if you want to own a home in Rahway, this is the place to be for information about real estate values this spring.

Here’s what’s been happening lately.

Inventory:

  • 34 homes were sold in Rahway in July, compared to the twelve month average of 29 homes sold per month.
  • 113 homes were offered for sale in Rahway in July- compared to the 12 month average of 131.

 

  Inventory Sold homes
July 2019 113 34
July 2018 150 28
12 month average 131 28.9

 

For an explanation of how this affects buyers and sellers, please click here.rahway homes for sale


Realtors use an analysis called Months of Inventory to evaluate the real estate market. The Months of Inventory is equal to how long it would take to sell the existing inventory if no new houses were put on the market.  When the Months of Inventory is below four months, realtors call it a seller's market because the supply is relatively low so sellers have a stronger position in negotiations between a buyer and a seller. When the Months of Inventory is above seven months, realtors call it a buyer's market because the supply is relatively high and buyers have a stronger position in negotiations. Months of Inventory between four and seven is considered a normal market with a good balance of buyers and sellers.

Months of inventory - Rahway auguts 2019 (1)

Rahway currently has 3.32 months of inventory available which means we are experiencing a seller's market. This means there are fewer homes available than there are buyers. Typically, this results in faster sales and higher sales prices.

Prices:

  • Average sale price in Rahway in July was $303,950 - compared to the 12 month average of $269,560.
  • Average list price in Rahway in July was $306,081 - compared to the 12 month average of $288,019

 

  Average List Price Average Sale Price
July 2019 $306,081 $303,950
July 2018 $272,952 $249,085
12 month average $288,019

$269,560

  • Consumer confidence helps increase prices. Rahway has had a slow but steady improvement in prices for several years.

Average Sale and List Price for homes sold in Rahway august 2019 (1)

Days on Market:

  • In July, the average sold home in Rahway was on the market for 43 days - compared to a 12 month average of 55 days.

 

  Days on Market
July 2019 43
July 2018 78
12 month average 55
  • Shortened Days on Market is typical in the spring.

days on market for rahway homes august 2019

Please click here for an explanation of how this affects buyers and sellers in Rahway.

 

To read earlier market reports for Rahway, please click here. To find out more about how Team Zuhl can help you buy or sell a Rahway home, please click here or call us at 908-917-4189.

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~ Wayne & Jean 

Union County, NJ - a great place to live and work!

If you're looking to buy or sell a property in Union County, call us at 908-917-4189 or email TeamZuhl@gmail.com.

 

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All opinions, information and data provided is deemed reliable but is subject to errors and omissions. Not intended to solicit other Brokers' clients. We cooperate with them fully. 

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Topic:
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New Jersey Union County Rahway
Tags:
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buying a home in rahway
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Rainmaker
3,301,179
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Wayne and Jean. Thinventory remains a menace in many  areas of the country. Enjoy your day.

Aug 25, 2019 06:03 AM #1
Rainmaker
3,130,689
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Wayne and Jean Marie... I always enjoy reading about Rahway, having worked there for so many years. In fact, my office overlooked the Rahway State Prison! That was always a conversation-starter!

Aug 25, 2019 08:28 AM #2
Rainer
451,927
Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.

 

Aug 25, 2019 12:31 PM #3
Rainmaker
1,626,536
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA

Thank you for keeping us posted and up to date. Best of luck!

Aug 25, 2019 04:45 PM #4
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Rainmaker
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Wayne and Jean Marie Zuhl

The Last Names You'll Ever Need in Real Estate
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