Buyers and sellers in Rahway need to understand the current real estate market, how it was impacted by the past real estate market, and how it will impact the future real estate market. Here’s what Rahway home owners and home buyers need to understand in August, 2016.
Inventory: There are currently 218 homes offered for sale in Rahway and there were 30 sold in July, 2016. Home prices are often determined by inventory with higher inventory typically resulting in lower prices. Inventory is also variable with the time of year – summer inventory is normally lower than winter inventory. This summer has a lower than normal inventory and may result in higher demand and therefore higher prices in Rahway this fall. As more homes are sold, the inventory continues to decrease and prices will increase.
Prices: The average home sold in Rahway in July was sold for $259,047. This is the highest average monthly sale price seen in Rahway in several years.
Days on Market: Homeowners who want to sell their home quickly will want to discuss marketing, property condition, and pricing with their Realtor. The average home sold in Rahway in July was sold after a remarkable 46 days – among the fastest selling months in the last four years. As homes sell faster, the inventory will continue to decrease and prices will continue to increase.
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If you are a buyer or a seller interested in a home in Union County, please callTeam Zuhl! We’re happy to help you in all of your real estate needs!
For more information on the Rahway Real Estate Market, please click here.