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.
- 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.
|12 month average||131||28.9|
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.
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.
- 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|
|12 month average||$288,019||
- Consumer confidence helps increase prices. Rahway has had a slow but steady improvement in prices for several years.
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|
|12 month average||55|
- Shortened Days on Market is typical in the spring.