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.
- 29 homes were sold in Scotch Plains in October - compared to 37 homes sold in October of 2018.
- Inventory is 151 currently listed homes compared to a 12 month average of 147 homes and to the 172 homes that were offered for sale at this time last year.
- As inventory increases, demand for homes usually decreases. This can help to lower prices and/or increase how long it takes to sell a home.
- The average sale price in Scotch Plains in October was $594,038 - compared to the the 12 month average sale price of $557,267. After a brisk few months this summer, prices are dropping.
- The average list price in Scotch Plains in October was $663,570 - home sellers who want to compete in the fall real estate market in Scotch Plains are going to have to rethink their pricing strategy.
- 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 October, the average sold home in Scotch Plains was on the market for 53 days - compared to 43 days in August and compared to 59 days in October of 2018.
- 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.
Please click here to learn what this means for buyers and sellers.
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.