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.
- 19 homes were sold in Rahway in November, compared to the twelve month average of 27 homes sold per month.
- 102 homes were offered for sale in Rahway in November - compared to the 12 month average of 119.
- As inventory shrinks, demand for homes usually increases. This can help to raise prices and/or shorten the length of time homes are on the market.
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 4.43 months of inventory available which means we are experiencing a normal market. This means there are enough homes to satisfy the demand of the available buyers.
- Average sale price in Rahway in November was $315,216- compared to the 12 month average of $284,626.
- Average list price in Rahway in November was $318,023- compared to the 12 month average of $297,907.
- Consumer confidence helps increase prices. Rahway has had a slow but steady improvement in prices for several years.
The important thing to note about the graph is not the variability but rather the overall long term trend which is represented by the straight blue and red lines which show a healthy increase in home list prices and sale prices in Rahway over the past seven years.
Many forecasters are predicting a turn around in the real estate market and are expecting a busy winter. Factors such as existing and pending home sales and buyer traffic indicate that we may be headed for a rebound.
Days on Market:
- In November, the average sold home in Rahway was on the market for 71 days - compared to a 12 month average of 52 days and compared to 44 days it took to sell a home in October. Slower sales is not uncommon in the fall and winter.
Please click here to learn what this means for buyersand sellers.