Team Zuhl, Rahway’s real estate experts, are working hard to make sure Rahway home owners and home buyers are well educated about what the homes in Rahway are worth. This month’s Rahway real estate market update was published a few weeks ago.
Here’s a quick summary of what we learned:
|Active Listings||Sold Listings|
|12 month average||125.33||28.50|
- As inventory shrinks, demand for homes usually increases. This can help to raise prices and/or shorten the length of time homes are on the market.
Realtors use an analysis called Months of Inventory to evaluate the real estate market. The Months of Inventory is equal to how long it would take to sell the existing inventory if no new houses were put on the market. When the Months of Inventory is below four months, realtors call it a seller’s market because the supply is relatively low so sellers have a stronger position in negotiations between a buyer and a seller. When the Months of Inventory is above seven months, realtors call it a buyer’s market because the supply is relatively high and buyers have a stronger position in negotiations. Months of Inventory between four and seven is considered a normal market with a good balance of buyers and sellers.
|Months of Inventory|
|12 month average||4.62|
Rahway currently has 4.68 months of inventory available which means we are experiencing a seller’s market. This means there are fewer homes available than there are buyers. Typically, this results in faster sales and higher sales prices.
|Average List Price||Average Sale Price|
|12 month average||$291,774||$274,856|
Consumer confidence helps increase prices. Rahway has had a slow but steady improvement in prices for several years.
Days on Market:
|Days on Market|
|12 month average||52.67|