The most recent market data indicate a continued seller’s market throughout most of Essex County.  

Inventory remains low in Glen Ridge, Maplewood, Millburn and South Orange, while West Orange and Nutley have more opportunities for buyers.  

What do all of the low inventory towns have in common?

Train stations central to town.

In Montclair there were 156 homes for sale at the end of March, with 52 houses going under contract, for a ratio of 3.0:1.  

A year ago, there were 173 homes for sale and 35 going under contract, yielding a 4.9:1 ratio. 

Closing prices in March averaged 102% of the asking prices.  

While all inventory is tight, noticeably absent are houses available at the upper end of the market. There are only 3 houses for sale between $1.25 million and $2.5 million as of this writing. One would think that concerns about taxes ($42,600 on a $1.25 million assessment) would result in more inventory in this price range, but residents are ensconced in Montclair’s great homes.

Do you have specific market questions? 

Feel free to contact me directly to discuss.

Best, Rich