From Mark Slade:
Hi, this is Mark Slade from Keller Williams in Maplewood, New Jersey if you’re like me, you love everything to do with the Maplewood real estate market. So, without further ado, here is your 2024 annual recap, fresh off the press.
We saw some momentous changes this year so first off we set a new record for price paid for a home that was $2.4 Million for a home on Ridgewood it did sell for a touch less than its asking price; but, that’s still a really nice indicator of how the market has been performing—higher and higher prices—as you will see in this video. Most of us look to see where we stand with regard to units sold and we did see a growth in units sold, which went from 209 units in 2023 which I would have to say was an all-time low, to 233 units (an 11% increase in units); however, we still have a long way to go to get back to the kind of levels we saw pre 2019. Other key market indicators we focus on would start with the average listing price of a home that was listed in 2024, and that came in at $868.276—itself a 15% increase over last year the average listing price. Of course, everyone wants to know what the average price that was paid for a Maplewood home is and you may, or may not be surprised, that it registered at almost a $ million, coming in at $976,840– which was a 16% increase over the previous year.
My favorite statistic to track, and I do it weekly (let me know and I can send them to you) is what Sellers experienced in the percentage paid over asking and that came in at a robust 12.5% over asking, which was 1.3% greater than what we experienced in 2023. I also believe that Days On Market—the length of time from date listed till date the property is officially Under Contract, did increase slightly from 18.8 days to 19 days, which I consider statistically insignificant, as that is still a very quick time frame (and keep in mind, so there is no confusion, that Maplewood Properties have been accepting offers the beginning the week after their first weekend’s open houses).
I also like to take a look at another fun fact that I’ve been tracking for some time and that is “how many homes in Maplewood sold for over a million dollars,” and you’re not going to believe this but 108 homes in our beloved Maplewood sold for over a million dollars, while not quite double the number of units that did so in 2023, this still represents a staggering 46.4% of the total inventory sold.
As someone with degrees in both Economics and Fine Arts, I love to put on my analytical hat to drill down further and I like to see how the “brackets” are working:
- In 2024 we saw an increase to almost 80% of the homes selling for more than Asking Price;
- We saw that just under 10% of the total units sold, sold at their Asking Price;
- Lastly, we did see a drop in 2024 for properties that sold for Less Than Asking and that fell from 16% in 2023 to, let’s call it 11%, in 2024; this was actually close to a return to where it was in 2022 and 2021.
All in all, 2024 was a great year for Maplewood Real Estate, especially if you were a Seller. In fact, we remarkably had one home that–believe it or not–sold for 56% over its asking price; conversely, we did have a home that sold for only 88% of its asking price.
There are always a lot of factors that contribute to the above results, that but what you should know is that it’s a very solid market for Maplewood for Sellers and if you have any questions feel free to reach out to me at 917-797-5059 by call or text, and feel free to let me know if you want our weekly “Market Snaps” as I track the market on a weekly basis and we pride ourselves on being able to give our clients the most current advice on market behavior as well as providing our Sellers with the recommendations that will traditionally get them the most $ for their properties when they go to market. This is Mark Slade, from Keller Williams in Maplewood, and I want to thank you so much for listening and we wish you a great day as well as a Happy, Healthy and Prosperous New Year in 2025.
Here is an example of our weekly Market Snaps:
