Passaic County New Jersey Single Family Residences Housing Market Trends For January 2024

Attention Buyers and Sellers in Passaic County, New Jersey!

🏡 As a REALTOR with NEXTHOME NEW BEGINNINGS, I want to keep you informed on the latest market trends. Currently, there is a low 1.38 Months Supply of Inventory, with a +11.29% increase over the last 12 months. Median Sold Price is $513,500, with a List to Sold Price percentage of 102.5%. Contact me today to navigate this competitive market with confidence. #PassaicCountyRealEstate #MarketTrends

Reach out to me, Patrick Rumore, REALTOR® at 973-666-0365, for expert guidance in navigating this competitive market. #PassaicCountyRealEstate #MarketTrends

Let's break down these real estate metrics to better understand how they correlate and what they mean for buyers and sellers in the market.

First, the Months Supply of Inventory is at 1.38, which indicates a seller's market where there is high demand for homes compared to the available inventory. This low supply can lead to competitive bidding and potentially higher prices for sellers.

The 12-Month Change in Months of Inventory is up by +11.29%, showing a slight increase in inventory over the past year. This could suggest a shift towards a more balanced market, giving buyers more options to choose from.

The Median Days Homes are On the Market is 23, indicating that homes are selling relatively quickly. This is good news for sellers who are looking to make a quick sale, but buyers may need to act fast when they find a property they like.

The List to Sold Price Percentage is 102.5%, meaning that homes are selling for slightly above their listing price on average. This could be a result of the high demand in the market and the competitive bidding environment.

Lastly, the Median Sold Price is $513,500, giving buyers and sellers an idea of the average price of homes in the market. Sellers may benefit from the higher prices, while buyers may need to be prepared to offer competitive bids.

Overall, the low inventory, quick sales, and slightly higher prices suggest a strong seller's market. Buyers should be prepared to act fast and potentially pay above asking price, while sellers may see quicker sales and potentially higher profits. It's important for both parties to stay informed and work with a real estate professional to navigate the current market conditions.

If you are thinking of buying, selling, renting, or investing in real estate, Think of Patrick!