Scotch Plains is currently experiencing a very strong real estate market. Here’s what you need to know for August, 2016.
Inventory: There are currently 170 single family homes offered for sale in Scotch Plains. Faster home sales this summer will reduce the inventory in the next few months.
There were 34 homes sold in Scotch Plains in July. Over the past several years, this number has been gradually increasing. The law of supply and demand predicts that increasing sales will cause prices to increase and Scotch Plains has indeed seen an increase in prices.
Prices: The average home that sold in Scotch Plains in July was sold for $555,804. There is a very strong trend toward increasing prices which gives us every reason to believe that investment in a Scotch Plains home will continue to bring a great return on investment.
Days on Market: Homeowners who want their home to sell quickly will work with their Realtor® to ensure that their home is marketed aggressively, is in pristine condition, and is priced appropriately. There is a very high demand for homes in Scotch Plains this summer and homes are selling quickly. The average home in Scotch Plains that sold in July was sold after 40 days on the market – the fastest times we’ve seen in years.
For more information on Scotch Plains Real Estate, please click here.