It’s not news to anyone that the housing market continues to favor sellers. One of the questions I’ve been getting regularly from buyers is:
“Are houses selling for way over the list price everywhere in Northern New Jersey?”
In real estate parlance, this is what we call sale price to list price ratio and the short answer is: No.
These days, the typical SP/LP ratio for Montclair is hovering around 118% and Glen Ridge (right next door) is 112%. Meaning, in Montclair, the average sale price is generally 118% of what the house listed for. The simplest way to think of it is this: a house listed for $1 million in Montclair will typically sell right now for $180,000 over asking, or just under $1.2 million. And unfortunately for buyers, these deals often forego major contingencies, such as mortgage appraisals or inspections.
Maplewood and South Orange are slightly better (from a buyer’s perspective), but SP/LP is still around 107%.
In Millburn, Westfield, and Summit, the SP/LP is currently about 100%.
I mention these towns specifically because one thing they all have in common is their ease of a New York City commute. But perhaps even more relevant these days, is their walkability.
With 7 different train stations throughout town, Montclair is considered a commuter’s dream. However, with New York City’s entertainment and cultural offerings thriving again, some of our nearby neighbors – with more weekend train service – have become major contenders for many of my clients.
As an agent, my mission is to help clients find a home that’s just right for them. That is always first and foremost. However, as a fellow suburban dweller, I will always remain the biggest fan of towns that are walkable.
To me, where there is a vibrant downtown, neighborhoods with sidewalks, the ability to step out of our SUVs (and even our Priuses) and be among neighbors – there is community. A walkable town is good for our health as well as the environment. Walkability is a particular value that people share, and it is a bonding one.
If you’re just getting into the market and you’d like to talk about ALL the walkable towns in the area, please reach out. My experience as a long-time North Jersey agent – and a walkability advocate – will serve you well!
Talk or Text: 973-809-5277