Real Estate Market Trends Report for Warren County, NJ – April 2024
Current Market Overview
Warren County’s real estate market is currently showing significant signs of growth and seller advantage.
Key Data Points
- Median Sold Price: The median sold price of properties, encompassing single-family homes and condos/townhomes/apartments, has risen to $405,000, reflecting a 5.19% increase month-over-month (MoM). This indicates a robust demand and upward pressure on prices.
- List to Sold Price Ratio: Properties are selling at 103.4% of their list price, up by 1.71% MoM. This suggests that bidding wars and competitive offers are common, often driving final sales prices above initial asking prices.
- Days on Market: Properties are moving quickly, with the median number of days on the market at 22, a decrease of 4.35% MoM. This rapid turnover is a hallmark of a seller’s market.
- Inventory Levels: With just 1.7 months of inventory (a 5.56% decrease MoM), the market is tight. A balanced market typically has around 5-6 months of inventory, highlighting the current competitive landscape for buyers.
Property Value Trends
- Median Estimated Property Value: There’s a consistent upward trajectory in property values, with the median estimated value reaching $403,100, showing a 10.1% increase over the last 12 months. This long-term growth trend underscores the attractiveness of Warren County as an investment.
Listings and Sales Activity
- Active Listings: The number of active listings has fluctuated, with a significant variation in median list prices and sizes. However, the overarching trend shows a steady market with prices generally increasing. For instance, the median list price is $425,000, up by 10.4% MoM, while the median living area is 1,814 square feet.
- New and Pending Listings: There’s a dynamic flow in the market with new listings priced around $395,000 and pending listings slightly lower at $389,450. The quick adjustment between list and pending prices suggests a market responsive to buyer and seller dynamics.
Expert Analysis and Recommendations
For Buyers:
- Act Quickly: Due to the low inventory and quick sales, buyers should be prepared to make prompt and competitive offers.
- Expect Competition: Be ready for potential bidding wars, especially for well-priced or desirable properties.
For Sellers:
- Optimal Pricing: While the market favors sellers, pricing your property competitively can maximize interest and potentially lead to higher final sale prices due to bidding wars.
- Preparation Pays Off: Ensuring your property is in excellent condition can reduce days on market and attract higher offers.
For Investors:
- Long-Term Growth: The consistent increase in property values suggests that Warren County is a promising area for long-term real estate investment.
- Diversify Offerings: Consider a mix of property types to appeal to different segments of the market, from single-family homes to condos and townhomes.
Bottom Line
This analysis, based on the latest data, should guide potential buyers, sellers, and investors in making informed decisions in the Warren County real estate market. For more details and personalized advice, contact our real estate experts at Countryside Homes NJ and RE/MAX Select.
Client Testimonials for Countryside Homes NJ
At Countryside Homes NJ and RE/MAX Select, we pride ourselves on delivering exceptional service to our clients. But don’t just take our word for it—read what our satisfied customers have to say. From first-time homebuyers to seasoned real estate investors and new home builders, our clients appreciate our dedication, expertise, and commitment to their success. Here are some of their stories.
Collaborating with Keith LaBrunda and Heather Montalbano from Countryside Homes NJ and RE/MAX Select streamlined the home-buying process for me. They were attentive to my needs and preferences, ensuring they understood exactly what I was seeking in a home and what was within my financial comfort zone. Keith and Heather provided invaluable assistance during the offer stage, sharing insightful details that enabled me to place a successful bid on my desired property. They recommended associates to assist me with securing a mortgage, conducting home inspections, and acquiring homeowner's insurance. Post-purchase, they continued to be a resource, suggesting local companies to contact for internet, water, waste management, oil, and other essential services. The experience of purchasing a home with Keith LaBrunda and Heather Montalbano was seamless and enjoyable.
As first-time homebuyers, the process of finding and purchasing a home felt daunting. But from the moment we reached out to Heather and Keith at Countryside Homes NJ and RE/MAX Select, our worries were put to rest. Their team was incredibly patient, answering all our questions and guiding us through every step. They took the time to understand our needs and preferences, ensuring that we found the perfect home in a neighborhood we love. We were especially impressed by their vast knowledge of the local market and their commitment to ensuring we got the best deal possible. We can't thank them enough for making our dream of homeownership a reality. If you're in the market for a new home, we highly recommend Heather and Keith at Countryside Homes NJ and RE/MAX Select. They truly go above and beyond for their clients!
From the moment we began our home search, Heather at Countryside Homes NJ and RE/MAX Select stood out as the epitome of professionalism and dedication. Her team's in-depth knowledge of the Rockaway Borough area and their unwavering commitment to our needs made our home buying journey not only smooth but truly enjoyable. As new homeowners in Rockaway Borough, NJ, we can confidently say that choosing Heather at Countryside Homes NJ and RE/MAX Select was the best decision we made. Her expertise, patience, and genuine care for our family's needs transformed what could have been a stressful process into a memorable and joyous occasion. We are beyond grateful for her support and would highly recommend her and her team to anyone looking to find their dream home. Thank you for turning our dreams into reality!
Contact a Real Estate Agent
Heather Montalbano
Real Estate Sales Associate
Cell: 973-796-4947
RE/MAX Select
Office: 973-625-0450
Keith LaBrunda
Real Estate Sales Associate
Cell: 973-476-4182
RE/MAX Select
Office: 973-625-0450
RE/MAX Select - Rockaway, NJ
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