Above are some listings that closed for well above asking price in the past few months.

How much is this data the result of underpricing versus overpaying? Some combination thereof, but it’s hard to quantify. 153 Union is back on the market for $1,199,000 two months after closing, which may provide more empirical evidence.

Multiple offers are not confined to Montclair in Glen Ridge. We recently had buyers in competitive situations in South Orange and Nutley, where multi offers have been uncommon in recent years.

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