Montclair Housing Market Seeing Typical Seasonal Slowdown

Activity Improved from Last Year

Montclair housing demand continued to outstrip supply in July, despite more listing activity year over year.

New inventory continued to fall off Spring highs, as is typical during Summer, with 32 new listings in July. This was down from 40 new listings in June, but up from 22 new listings in July ‘23. There were 62 active listings this past July, up nicely from 41 last year.

However, at the time of this writing (Aug. 5), there are:

• 37 homes available
• including 2 coming soon and 5 in attorney review

Of the 30 houses available to see, the market is a bit top heavy with 13 of those homes priced $1.9M or above.

We are seeing some softness in the high-end of the market as the median days on market among the top 13 listings is 68 days, versus 15 average days on market among the 46 closings in July. Median sale price in July was $1.4M, down from $1.5M in June, and up from $1.2M July ‘23.

Buyers to Consider
There are still opportunities for buyers while we are in summer slowdown, and we continue to write offers.

Sellers to Consider
On the sales front, listings may take 2-3 weeks to generate offers as buyers may be out of town or a bit more contemplative about purchases.

Reach out to me with any questions, comments or a real estate consultation.

Also, please share with a friend.

Thanks for reading.

Best, Rich