Market Trend Report

SINGLE-FAMILY HOMES MARKET OVERVIEW - AUGUST 2024

Market Status: The real estate market is currently experiencing a low inventory situation, with only 1.97 months' supply of homes available for sale. This means that there are fewer homes on the market compared to the demand from buyers.

Inventory: Over the past year, inventory has increased by 39.72%, suggesting a slight shift toward a more balanced market.

Sales Performance: Despite this increase in inventory, the Median Days Homes are on the Market is only 17 days, indicating that homes are selling quickly. This could be attributed to the List to Sold Price Percentage of 101% showing that properties are typically selling for above their listing price.

Entry Point:  Furthermore, the Median Sold Price in the current market is $790,000., which is a strong indicator of a healthy market with high demand for properties. 

High-End Market Leaders: Neighborhoods like Franklin Lakes ($4,100,000), Englewood ($4,000,000), and Upper Saddle River ($4,000,000) top the charts with the highest sales prices.

Summary: In conclusion, as a seller, you can take advantage of the low inventory levels and high demand by pricing your home competitively and being prepared to a quick sale. However, it is also important to keep an eye on the increasing inventory levels to adapt your strategy accordingly. As a buyer you should be prepared to act swiftly given the current market conditions. Staying informed about these trends will help you navigate the real estate landscape effectively.

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* source: Realtor Property Report (RPR)