Prices Up for Maplewood/South Orange NJ Homes

Prices are up for Maplewood/South Orange NJ Homes!  We saw a significant rise in home prices this past Spring.  Much of that rise was due to low mortgage interest rates and competition.   With less homes on the market and more buyers vying for them, many homes had multiple bids, therefore driving prices up.   The List to Sales Price Ratio for Maplewood was 98% in March of this year compared to 101% this August, 2013! South Orange homes saw a big increase as well from 94% in March of this year to 99% this past August, 2013.  If you’re thinking of selling your home, now is a great time!

Consider these prices, which are current as of the date of this post.16 Park Rd, Maplewood NJ

In Maplewood, median list price last September 2012 was $369,000 compared to $379,500 this September 2013.   Prices are continuing to go up.  After showing several peaks and valleys throughout the past few years, median sales prices rose 2% in the past year from average sales price of $460,612 in September of 2012 to to $528,100 this September, 2013.

As of this post, there are currently 80 Active Maplewood listings, compared to 73 available homes in South Orange.  Maplewood currently has 50 homes under contract and 32  in South Orange.

Median rents have increased by 27 percent to $2,300, driving many former renters to consider buying a home. This is just one of the reasons that Maplewood real estate is becoming a sellers market.  Rental rates have actual dropped by over 9 percent over the past year to $2,100. However, this is still high enough to make many renters consider buying a new home.

If you’re considering buying or selling your Maplewood/South Orange home, or just want more information about the housing market, please feel free to contact me for a no obligation consultation.

Speak Your Mind