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Montclair, NJ 07043

Prices Climb as Low Housing Inventory Continues 

While there is not a significant drop in new listings from last year, there has been a significant drop in listings from a few years ago.

Paltry listing activity is making for a tough market for buyers of Montclair real estate. Even sellers are hoping for a few more listings to spur activity.

We’re into a full year of low inventory now as May numbers, while low, are not too far off 2022. There were 41 new listings in May, down from 55 while active listings fell to 72 from 80 in 2022.

While not significantly lower year over year, active listings are less than half of what they were a few years ago.

Higher prices combined with increased mortgage rates have made Montclair less affordable for many buyers. The median active listing price jumped to $1.125 million in May from a consistent mid $700’s range over the past several years.

The median sale price among 24 closings in May was $1.4 million, so the higher active prices aren’t necessarily the result of more expensive homes sitting unsold.

When will housing inventory grow?

Lower interest rates and increased new housing building would encourage potential sellers places to buy their next home. However, demand is expected to remain very high as Millennials continue to favor suburbs in part due to flexible work schedules.

Do you know someone that may be thinking about moving who could take advantage of a sellers market?

Please share this article with them.

Everyone is a seller at a certain price and we are seeing homeowners get their “make me move” price.  

Best, Rich