SOLD!
349 Crestmont Road
Cedar Grove, NJ 07009

Congratulations listing agent Joan Barrett!

We closed on this spectacular property at the end of June for $9.5 million after it went under contract in just 23 days.

Brand new modern construction with sweeping views of New York, and being minutes from Montclair village put this home in its own unique category compared to other luxury homes on the market in the New York suburbs.

Prices Climb as Low Housing Inventory Continues 

June Montclair Real Estate Market Results & Insights

Local home sellers continue to have the advantage this summer as demand at the higher end of the Montclair real estate continued unabated.

At the same time, homes under $700k did not command the same level of high premiums as buyers in this price range have proven to be more interest rate sensitive.

New listings added to the market continue to be few. Only 36 new listings hit the Montclair market in June, versus 57 last year as the new listing count for the past twelve months is lagging well below last year at 370 versus 475.

As a result, low inventory drove home prices higher as the median price among 38 closings was a record high of $1,496,500 in June. The average price premium over asking price was 15% in June, down from 29% in May and down from 34% last June.

However, the $1 million to $2 million price range was the local real estate hotspot in June with an average price premium of 29%.

The low to moderate price range is experiencing some price pressure as loan to value ratios tend to be higher in this band of the market, exposing buyers to higher interest rates.

Questions about the local market?

Contact me today, Rich