Rahway’s real estate market continues to be affected by a large numbers of distressed properties – short sales, foreclosures, and pre-foreclosures. This causes prices to drop and home sales to slow down. As the distressed properties are sold and get off the market, improvements should be more obvious than they are right now.
Here’s a snapshot of the last 4 years in Rahway’s real estate market.
Sales:299 homes were sold in 2016 which is 76% higher than were sold in 2013. This is great news for homeowners, especially as the inventory has started to decrease as well. Fewer homes on the market lowers the supply for buyers and tends to drive prices up.
Sale price: The average sale price in Rahway for a single family home in 2016 was $233,477, up 12% from 2013.
Days on Market: As inventory continues to shrink, albeit slowly, the length of time it takes for a home to sell should continue to shrink as well. The average sold home in Rahway in 2016 was sold after 85 days, down from 127 in 2013.