Buyers and sellers in Rahway need to understand the current real estate market, how it was impacted by the past real estate market, and how it will impact the future real estate market. Here’s what Rahway home owners and home buyers need to understand in October, 2016.
Inventory: There are currently 190 homes offered for sale in Rahway and there were 24 sold in September, 2016. Home prices are often determined by inventory with higher inventory typically resulting in lower prices. Inventory is also variable with the time of year – summer inventory is normally lower than winter inventory. This summer had a lower than normal inventory and may result in higher demand and therefore higher prices in Rahway this fall. As more homes are sold, the inventory continues to decrease and prices will increase.
Prices: The average home sold in Rahway in September was sold for $206,775 which is slightly lower than the 12 month average of $209,101 and lower than last month when the average sold price was $222,033.
Days on Market: Homeowners who want to sell their home quickly will want to discuss marketing, property condition, and pricing with their Realtor. The average home sold in Rahway in September was sold after 77 days which is significantly lower than the 12 month average of 95 days. As homes sell faster, the inventory will continue to decrease and prices will continue to increase.
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If you are a buyer or a seller interested in a home in Union County, please call Team Zuhl! We’re happy to help you in all of your real estate needs!
All opinions, information and data provided is deemed reliable but is subject to errors and omissions. Not intended to solicit other Brokers’ clients. We cooperate with them fully.