From the Allison Ziefert Real Estate Group:
Last month we filled you in on some difficult news for sellers of homes in NJ namely the changes in the state’s “Mansion Tax” law that flip the burden of this tax from buyers to sellers. Well, here is some good news to cheer you up – the increase to the federal State and Local Tax (SALT) deduction cap, part of the newly passed “One Big Beautiful Bill Act.”
Starting in 2025, the cap will jump from $10,000 to $40,000 for qualifying taxpayers, providing significant relief in high-tax towns like Maplewood and South Orange — where property taxes alone often exceed $15,000. Married couples and single filers earning under $500,000 in modified adjusted gross income (MAGI) can take full advantage of the new limit, with the deduction phasing down for incomes above that threshold and reverting to $10,000 in 2030 unless extended. This change could put thousands of dollars back in homeowners’ pockets, potentially boosting demand and supporting home values in our area.
If you’ve been watching the South Orange and Maplewood real estate market this summer, you know that the right home – priced well and presented beautifully – can still generate multiple offers and sell well above asking. Even with sales volume down compared to last year, these towns remain in high demand with buyers drawn to our walkable neighborhoods, strong schools, and easy NYC access.
South Orange Snapshot
In July, 13 homes closed in South Orange with an average sales price of $980,309 – about 110% of list price on average. Homes sold quickly, averaging just 17 days on market. Year-to-date, the average sale price is $1,022,278, a slight dip from last year, while the number of sales is down nearly 15%. That said, the most desirable homes – particularly those under $1.2M – are still getting strong interest.
Maplewood Momentum
Maplewood’s market continues to be competitive. In July, 32 homes sold at an average price of $882,107, with sellers receiving 111% of list price on average. Year-to-date, the average sales price has climbed 5.27% from last year to $1,015,725, and days on market have dropped by 20% to just 18. The number of Maplewood home sales is down 5.5% year-to-date, compared to the same period last year.
What We’re Seeing on the Ground
While the pace of sales isn’t quite as frenzied as it was during the pandemic, inventory is still limited, and well-prepared, well-marketed homes are selling quickly. Buyers are motivated, but they’re also informed and selective. Part of this shift in buyer psychology comes from the broader economic and world backdrop. Mortgage rates remain higher than they’ve been in years, the stock market has been volatile, and headlines about global conflicts and election-year uncertainty make some buyers more cautious about making big financial moves. This doesn’t mean buyers aren’t out there – it means they’re prioritizing value and confidence in their purchase. They want homes that truly fit their needs so they can feel secure about moving forward.
Why Buyers Are More Selective in 2025
- Higher borrowing costs – Mortgage rates remain elevated, making buyers more careful about monthly payments.
- Economic & world uncertainty – Stock market swings, global conflicts, and election-year unknowns have some buyers approaching purchases more cautiously.
- Value-first mindset – With prices still high, buyers want homes that truly fit their needs – turnkey, well-located, and fairly priced.
Here is our latest market report for South Orange:
Here is our latest market report for Maplewood:
If You’re Thinking of Selling… Our team specializes in helping sellers stand out in this market—through thoughtful pricing, smart preparation, and a marketing plan that generates excitement and strong offers. We know how to highlight the unique character of homes in South Orange and Maplewood, and we have the data and experience to help you make confident decisions.
If you’re curious about what your home could sell for right now, or you’re planning ahead for later this year, we’d be happy to prepare a complimentary, no-obligation market analysis for you.
📞 Let’s talk about your goals. Reach out to the Allison Ziefert Real Estate Group by emailing [email protected] today, and let’s make your move a success.
