From Mark Slade:
Hi, this is Mark Slade from Keller Williams, your local Soma real estate expert and I am here to give you an in-depth recap of 2024’s South Orange Real Estate Market performance.
First off, we saw yet another increase in what buyers paid for South Orange Homes. While the highest price paid, we didn’t come in as high as Maplewood’s $2.4 Million, South Orange did see a healthy increase, going from $1.8 million in 2023, to $1.9 million in 2024. As I like to track a full range of important statistics, let’s continue with the highest list price, which registered a healthy $1,875,000. It was interesting to see them being on par with one another.
We are all very curious to see “how high is high,” so when it comes to the highest percent paid over asking, we saw a South Orange house sell for 145% of its asking price in 2024; at the same time, we saw a house at the other end of the spectrum that sold for only 93% of its asking price.
It was encouraging to see a return to some growth in units sold, also consistent with what happened in Maplewood, where we saw an increase to 155 units sold, versus the 145 units closed in 2023.
Perhaps one of the most important stat as an indicator of real estate market health, is the percentage paid over asking: in 2024, Sellers saw an average price paid equivalent to 11.3% over asking. And, while the average asking price grew by 7% to $954,490, the average sale price rose to $1,062,329, which was almost a 10% increase over the previous year.
Another prime indicator of market direction is the number of Days On Market. I found it an interesting and very healthy sign, because the number of days went down to 16.6, from last year’s 20.1 days. Just so we are all on the same page, DOM—Days On Market—is defined as the number of days from the “launch date,” till the day that the property went through Attorney Review and both parties agreed to any changes in the contract and then determined the property status to now be Under Contract. While DOM went up in most of the other area towns, by a little bit, DOM in South Orange showed a fairly aggressive drop of 17%.
Additionally, where would a market recap be if we didn’t break out stats regarding homes selling for more than $1,000,000 dollars as well as how many homes sold for over asking, at asking and under asking. So, it was good to see things like how many South Orange properties sold for over a million dollars. When I first got into the business that was not even a consideration now it’s an almost everyday consideration. I was amazed to see that we just missed seeing Million Dollar homes hitting 50% of the inventory sold. In fact, there were 76 homes in South Orange out of the 155 that sold for a million dollars and above.
Further analysis shows that, on top of that, a staggering 80% of the houses sold in 2024, sold for over asking. Another 10% of the units sold at asking; leaving the balance of 9% selling below asking price.
So, that’s a wrap for where the real estate market performed in 2024 in South Orange. It’s clearly a very hot Market for sellers, primarily due to historically low inventory levels, and we are expecting it to remain at pretty much all-time lows, which will translate into limited supply in contrast to the vast number of buyers out there, coming out in droves. It’s great to get in front of them and take advantage of these market conditions if you are thinking of selling your house. And, if you’re looking to do so and you have any questions, please feel free to give me a call at 917-797-5059 or you can also text me at that number. Have a great day as well as a Happy, Healthy and Prosperous New Year.
Mark Slade
The Mark Slade Homes Team
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