Available Now
65 Douglas Road
Glen Ridge, NJ 07028

Gorgeous 5BR 3.5bath Colonial on over ½ acre just 0.4 miles to NYC train station. Renovated chef’s kitchen, lovely gardens, beautiful leaded glass, and so much more. 

Have We Hit The Low Point In Local Inventory?

Montclair Market Results For July 2023

The trend lines among Montclair real estate July indicators all clearly point to a continued Sellers’ market.

Most noticeable is the result for active listings which were 42 in July, down 75% from 2018-2020 levels. Median price growth in Montclair reflects low inventory, increasing to over $1 million in July ‘22& ‘23 from a more typical mid $700k range.

While the average price premium was 23% over asking price, we saw numerous examples of Montclair homes going 40-50% over asking price, and, in one case, a staggering 77% over.

This was especially true in the $1 million plus range, to wit:

• asking $1.025M/selling $1.480M
• asking $1.079M/selling $1.600M
• asking $1.299M/selling $2.000M
• asking $1.450M/selling $2.275M
• asking $879k/selling $1.557M

Those premiums are hard to compete with for most buyers. Further, many offers have included a limited inspection, all cash or appraisal waiver, and flexible closing dates.

Sellers – now is the time to reach out for a to-do list for listing in the fall.

Buyers – stay nimble, expand your search and look forward to bump in inventory in September.

Contact me with any questions about the local market.