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

1. 🏡 Looking to buy or sell in Union County, New Jersey? 🌟 With only 1.12 months of inventory, now is the perfect time to make your move! The market is hot with a list to sold price percentage of 104.2% and a median sold price of $540,000. Let's chat about your real estate goals today! #UnionCountyRealEstate #MarketTrends #NextHomeNewBeginnings

2. 📈 Market Update: Union County, NJ is on fire! 🔥 With a -28.66% decrease in months supply of inventory over the last 12 months, homes are selling fast. The median days on market is only 21 days, so don't wait to make your move. Contact me, Patrick Rumore, your local REALTOR®, to get started on your real estate journey. #PatrickRumoreRealtor #UnionCountyHomes

3. 🏠 Are you curious about the current real estate market in Union County, NJ? 🤔 With a median sold price of $540,000 and a list to sold price percentage of 104.2%, sellers are getting top dollar for their homes. Buyers, don't miss out on this competitive market with only 1.12 months supply of inventory. Let's work together to achieve your real estate goals! #MarketUpdate #RealEstateTrends #NextHomeNewBeginnings

4. 🌟 Exciting news for buyers and sellers in Union County, New Jersey! 🎉 The market is booming with a median sold price of $540,000 and a quick turnaround time of 21 days on the market. With a list to sold price percentage of 104.2%, now is the time to act. Reach out to me, Patrick Rumore, to navigate the competitive real estate market in Union County. #UnionCountyRealEstate #MarketStats #PatrickRumoreRealtor

5. 🏡 Looking to buy or sell in Union County, NJ? 🌟 The market is heating up with only 1.12 months supply of inventory and a median sold price of $540,000. With homes selling at 104.2% of their list price in just 21 days, it's a great time to make a move. Contact me, Patrick Rumore, to get started on your real estate journey today! #UnionCountyRealEstate #MarketUpdate #NextHomeNewBeginnings

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

Let's dive into the real estate market data to better understand how these metrics are correlated and what they mean for both buyers and sellers.

First, let's look at the Months Supply of Inventory, which is currently at 1.12. This metric indicates how many months it would take to sell all the current inventory of homes on the market at the current sales pace. A low months supply of inventory, like 1.12, typically indicates a seller's market, where there is high demand for homes compared to the available inventory.

Next, we have the 12-Month Change in Months of Inventory, which is at -28.66%. This negative change indicates a decrease in the number of months it would take to sell all the current inventory compared to the previous year. A decrease in months of inventory suggests a tightening market with increasing demand and potentially rising prices.

The Median Days Homes are On the Market is 21, which is a relatively low number. This metric shows how long, on average, homes are listed for sale before being sold. A lower number of days on the market typically indicates a fast-moving market with high buyer interest and competition.

The List to Sold Price Percentage is at 104.2%, which means that homes are selling, on average, for slightly over the list price. This suggests that sellers are able to command strong prices for their properties due to the high demand and limited inventory in the market.

Finally, the Median Sold Price is $540,000, which is the midpoint of all the sold home prices in the market. This metric gives us an idea of the overall price trend in the market, and a median price of $540,000 indicates a relatively high-priced market.

In summary, the low months supply of inventory, decreasing inventory levels, quick turnaround time for homes on the market, strong list to sold price percentage, and high median sold price all point towards a competitive seller's market. For buyers, this means being prepared to act quickly and potentially pay above asking price for desirable properties. For sellers, this market presents an opportunity to command strong prices and potentially sell their homes quickly.

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