Homeowners and home buyers in Scotch Plains are smart to learn about the real estate market to help make an informed decision about when to buy and sell a home in Scotch Plains .
Here’s what’s been happening lately.
- 23 homes were sold in Scotch Plains in July - compared to the 12 month average of 28.6 homes per month.
- Inventory is up to 151 currently listed homes compared to a 12 month average of 151.3 homes.
|Homes offered for sale||Sold homes|
|12 month average||151.3||28.6|
- As inventory grows, demand for homes usually drops. This can help to lower prices and/or lengthen how long it takes to sell a home.
- The average sale price in Scotch Plains in July was $592,665 - compared to the the 12 month average sale price of $561,151. Increasing sale prices is common in the summer and homeowners are experiencing a comfortable return on investment.
- The average list price in Scotch Plains in July was $637,705 - home sellers who want to compete in the end of summer real estate market in Scotch Plains are going to have to rethink their pricing strategy.
|Average List Price||Average Sale Price|
|12 month average||$621,827||$561,151|
- Scotch Plains home prices vary seasonally and the trend line indicates steady growth over the past 7 years with every indication that prices will continue to rise.
Days on Market:
- In July , the average sold home in Scotch Plains was on the market for 47 days - compared to 44 days in June and compared to 32 days in July of 2018.
|Days on Market|
|12 month average||44.8|
- The speed of a home sale is dependent on home condition, pricing, and marketing. Homes typically sell slower in the winter than the rest of the year as is evident in this six year graph below. The trend line, however, shows that the time it takes to sell a home continues to get shorter overall.
To read more about the real estate market in Scotch Plains, please read our earlier market reports here. For more information on how Team Zuhl can help you, please call us at 908-917-4189.