The first half of 2014 is over and it’s a good time to analyze the real estate market and see how it’s changed from last year to this year.
It’s typical that Linden, Rahway, and Union are among the lowest in the county as they were in 2012 and 2013. Likewise, Westfield, Mountainside, and Scotch Plains have had the highest real estate values in Union County in previous years.
When we compare each town to the last half of 2013 and the first half of 2013, we see a different picture emerging.
Now we can look at each individual town and see that some towns are actually seeing an increase in value over the past 18 months – most notably Rahway, Springfield, Clark , Cranford, and Mountainside – and some towns are seeing a decrease in value over the past 18 months – Kenilworth, Westfield, Union, Garwood, Scotch Plains, Linden, and Fanwood.
What does this mean to you? If you live in a town where the prices are increasing, you’re in a good position if you want to sell your home. Buyers are willing to pay more this year than they were last year for your home. If you live in a town where the prices are decreasing, you’ll need to make sure that your home is in top showing condition and that it’s priced competitively to attract buyers.
Which towns were the biggest winners and the biggest losers?
Kenilworth was the town whose properties showed the largest decrease in value from the first half of 2013 to the first half of 2014 with a 10.5% decrease in home values. Westfield was close behind with a 7.6% decrease in home values and Union homes lost 5.5%.
Rahway homes had the biggest gain in home values with 2014 showing an average sale price of 14.3% higher than 2013. Springfield was also a big winner with a 14.2% jump. Clark saw a 12.2% increase and Cranford home prices increased by 8.4%.
When you’re ready to buy or sell a Union County home, please contact us for more information!
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