The premiums paid across asking price bands over the past 12 months, highlighting the demand in the $1 million dollar range.

Where are Montclair Home Prices Headed?

Little evidence of interest rates affecting prices as demand continues to be pent up.

In February, two homes priced at $779k and $799k (both on Gordonhurst coincidentally) closed 23% and 31% over asking price, respectively, so we haven’t seen much evidence of prices declining. As always, though, price premiums can be engineered by a low ask.

Overall, the Montclair real estate market continued its slow, steady pace through February. No real surprises, but the median sale price was quite low at $596k, the lowest level in 2 years. This was due to a fairly high percentage of condos among the 22 closings.

Nevertheless, the high-end local market continues to survive, with a $2.25 million sale and a $3.3 million sale closing in February. High premiums are not limited to the middle price bands as the $2.25 million sale was priced at $1.45 million. It had been purchased in 2018 for $1.34 million and didn’t undergo any major renovations.

Contact me with any questions about the local market and the upcoming Spring.

Best, Rich