September brought a much needed increase in inventory, offering some relief to frustrated buyers. 60 new units came on to boost Inventory to 140 units, up from 120 at the end of August, but still well short of 179 units at the same time last year.

Of note was the $725k median sales price of the 26 homes closed in September, the highest it’s been in 4 years. Despite higher median prices, average sales prices still exceeded ask.

It’s tempting to say that this is a reflection of price increases, but all we can say for sure is that it is a function of proportionally more expensive houses being sold.

I would conclude that Montclair is increasingly hard for families to afford as only 6 houses with 4 or more bedrooms priced under $500k were for sale at the time of this writing.

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All the best, Rich