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214 Lorraine Ave, Montclair Twp., NJ 07043-1915

Sales Prices Retreat while Sales Premiums Jump

10 out 32 sales closed 40%+ over ask

Median Sales Price Retreats

Median sale prices have fluctuated quite a bit in 2026 and they pulled back to $1.39 million from $1.66 million last month. That peak is going to be real hard to top anytime soon.

New Listings —

The volume of new listings is tracking incredibly close to last year. There were 50 this year vs 53 last. We should see slightly lower numbers in June before dropping well off for summer. While we’re in step with last year, remember that we’re way down from past years. New listings in May 2018 and 2019 were 107 and 88, respectively.

SP/LP Ratio

The premium over ask jumped to 30% (the 2nd highest level in 2 years) from 17% last month and 18% from last May. Driving the premiums were 10 of the 32 closings in May at 40% and above, reversing the trend of ask price falling in line with close price. The answer, I believe, is that they were, with one exception, in that “bread and butter” $800k- $1.3M ask price.

What will Late Spring Summer Bring?

Mortgage rates are pushing up, which seems to entrench existing homeowners, tying up inventory. Buyer demand has previously been fairly inelastic in relation to rates. We are, however, seeing fewer buyers in Montclair. Some are priced out, some are weary of the hunt and some are waiting to see where the school and municipal budget comes out. Some may also be waiting to see how the town-wide reval shakes out next year. Speaking of which, look forward to more on that in future. As a teaser, I expect the baseline will be that Montclair assessed values are about 50% of market value.

Reach out to me with questions about the local or regional market, investment possibilities, or your home in particular.

I always welcome comments and questions.

We are here to help.

Best, Rich

Richard Stanton
Principal Broker
3rd Generation Owner
(917) 536-8257