Union County home buyers and sellers – here is the 2013 year end real estate market report!
Let’s begin by comparing the average sale price in the various towns of Union County through 2012 and 2013.
It’s obvious that Westfield has the highest sale price of the county – and has for many years – and Rahway and Linden make up the homes with the lowest sale price. It’s also obvious that there are a wide variety of homes in Union County and there is something for nearly every budget! The middle towns – Springfield, Clark, Cranford, Kenilworth, and Fanwood – have homes that fall in the middle of the pack with average prices in the $330-$430,000 range.
When we combine these two graphs together, however, a new picture emerges.
Here we see 2012 average sale prices in the blue and 2013 sale prices in the orange. Homes on the more expensive end of the spectrum seem to have increased the most and homes on the lower end of the spectrum seem to have increased the least.
Less obvious, however, are the two towns that actually lost market value in 2013 – Kenilworth and Springfield each showed a decrease in average home sale from 2012 to 2013. Are they the best kept secret bargains of Union County? Also less obvious is Scotch Plains – while prices are among the highest in Union County, they increased only a little from 2012 to 2013. Will 2014 be the year that Scotch Plains home values catch up with the other similar towns, or will Scotch Plains remain a more affordable option?
For more information on an individual town, please read the most recent market reports below: