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168 Grove St,
Montclair, NJ

New Price Record Set for Montclair Real Estate

A new record average and median sales price was set for Montclair in May among the 39 closed sales. The average price of $1,686,577 edged out the prior record average price of $1,612,276 set in June 2024.

The new median price record of $1,600,357 in May handily beat the old record median price of $1,513,666 set, also, in June 2024.

How Montclair compares to some other “pricey” towns in North Jersey.

Despite the high prices, sales prices only exceeded ask by 18%, as measured by average price vs average ask. This was affected by 3 sales over $3 million which were recorded as going for ask as they were all direct sales.

The average of the specific sales price premiums, however, was 22.9%, with 12 out of 39 in excess of 30% over ask, with one home going 75% over ask (1.6 mil vs $899k ask).

Not all bad news for buyers though as the number of active listings in May jumped to 91, the highest level since March 2022.

A good number of buyers found the right home in May, as 63 homes went under contract, the highest level since March 2021.