Trends are looking good for home sellers in Maplewood, Millburn, Short Hills and South Orange as the sales price as a percentage of list price for May 2015 was 102.13% for Maplewood, 104.39% for Millburn, 101.63% for South Orange and 100.85% for Short Hills.
But there is also good news for buyers in this “hot market.” It’s still a good time to buy real estate. Historically speaking, purchasing real estate is very affordable at the current moment. Take a look at this chart from Gary Keller’s 2015 Vision Speech to see how owning a home in 2015 still requires a lower percentage of household income than historical averages—6% less in fact:
See below for more details on the Maplewood, Millburn, Short Hills and South Orange markets for May 2015.
This reports were provided by Allison Ziefert of Keller Williams Mid-Town Direct Realty.
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