New to Market
609 W South Orange Ave #6Q
South Orange Village, NJ

Seller’s Market Showing Signs of Cooling?

Sellers are feeling Price Premiums Trending Downwardgood.

A few metrics pointed to a cooling sellers market as days on market rose to 31 from 23 in December last year, and a brief 18 days in November. At the same time, price premiums over ask decreased to 16% in December from 19% last year, and from 28% last month.

That being said, average prices remain unchanged from last month and trailing 12 months at $1.3 million, up from $1 million last year.

28 homes closed last month, up from 23 in December 2023 and 22 in November, as slightly higher Fall inventory was sold.

January should see inventory grow, particularly as the election is over and interest rates are predicted to remain stable, albeit somewhat higher than recent years.

Aggressive buyers have their finger on the pulse of the market and will jump at the right opportunity.

Keep an eye out for my year-end wrap up and look ahead for insights about what to expect in 2025.

In the meantime, reach out with questions about the market.

Best, Rich