Market Trend Report - April 2024

SINGLE-FAMILY HOMES MARKET OVERVIEW - APRIL 2024

Market Status: The real estate market is currently experiencing a low inventory situation, with only 1.86 months of supply available. This means that there are fewer homes on the market compared to the demand from buyers.

Sales Performance: Homes are selling quickly, with a median of only 23 days on the market. This suggests that there is high demand for homes in this area, and buyers need to act fast to secure a property. Sellers are also seeing strong returns on their investment, with homes selling for an average of 100.5% of the listing price. This indicates that there is competition among buyers, driving prices up.

Entry Point: The median sold price for homes in this market is $733,000. This is a strong indicator of the overall health of the real estate market in this area, with prices holding steady or even increasing over time.

High-End Market Leaders: Neighborhoods like Alpine ($4,600,000), Saddle River ($4,000,000), and Cresskill ($4,800,000) top the charts with the highest sales prices.

Summary: Overall, this data suggests a competitive and active real estate market, with low inventory, quick sales, and strong returns for sellers. Buyers should be prepared to act fast and potentially pay above asking price to secure a property in this market. Sellers can expect to see strong returns on their investment, with homes selling quickly and for top dollar. 

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