From The Allison Ziefert Real Estate Group:
This month I want to share with you some insights into the national housing market picture. Our report contains an overview of median housing prices, sales volume, inventory levels and the impact of interest rates and inflation on the housing market.
Some highlights:
- Median sales price for homes is up 2.5% year over year.
- Median sales price for condos/coops is up 6.8% year over year.
- Mortgage interest rates are at their highest since 2000.
- The number of new homes to hit the market in the 12 months prior to September 2023 was down by about 19% from the prior 12 month period.
- There are only about 3 months of “supply” of inventory on the market which is very low by historical standards but up slightly from the pandemic period.
- Nationally, homes are selling quickly in about 20 days.
- The percentage of cash purchases (29%) have hit their highest level in 9 years.
Click here for the September 2023 National Real Estate Report
Locally, the market continues to be positive for sellers. Our team’s fall listings have received offers well over the list price. Home prices in our market remain high despite interest rates approaching 8% as the demand for homes exceeds supply. Buyers are still committed to buying homes in this interest rate market and are having trouble finding them because of low supply.
Year to date, the number of South Orange sales has declined by over 15% over 2022. The number of Maplewood sales has declined by 12% YTD over 2022. Year to date, Maplewood’s average home sale price has declined by 6% whereas in South Orange the average sale price is up by over 9% over 2022.
Here is our latest market report for Maplewood:
Here is our latest market report for South Orange:
Please contact Allison if you have any questions about the fall market or your real estate plans at allison@azhomesnj.com. She is available to share her expert perspective with you.
The Allison Ziefert Real Estate Group is a top producing real estate team based at Compass in Short Hills, New Jersey. We are local market experts, specializing in real estate and homes in Maplewood, South Orange, Millburn/Short Hills, Montclair/Glen Ridge, West Orange, Morristown and the surrounding New Jersey towns. We’ve also got you covered coast to coast with the best connections to top agents around the country in any market you are exploring. We are driven by earning great testimonials and referral business from happy clients. You can read our reviews here.
