If you own a home in Rahway, or if you want to own a home in Rahway, this is the place to be for information about real estate values this winter.
Inventory: There are currently 160 single family homes offered for sale in Rahway, 17% fewer than the 12 month average of 194 homes. The currently listed homes range in price from $94,900 to $444,900.
Twenty four homes were sold in Rahway in November. This is exactly the same as the number of sales in November of 2015 and exactly the same as the twelve month average in Rahway.
The graph showing the real estate inventory in Rahway gives us a better picture.
The blue line represents the active inventory in Rahway for the past several years. There are seasonal trends with inventory typically increasing in the summer and decreasing each winter. The trend line is a line that shows long term changes and eliminates the annual fluctuations. It is indicated in this graph by the straight blue line and it shows a very small improvement in Rahway’s inventory over the last 4 years.The red line at the bottom of the graph shows the sold listings in Rahway. The trend line for sales shows a steady increase over 4 years from an average of 10 homes selling per month in early 2012 to about 17 per month now. Increasing sales coupled with decreasing inventory strengthens the real estate market and improves the return on investment for home buyers in Rahway.
Prices: In November 2016, the average sold home was sold for $223,031. This is about 5% more than the 12 month average of $212,417 and about 1.1% higher than the average sale price at this time last year.
The graph for Rahway sale prices shows intense fluctuations from month to month without some indication of seasonality. The most optimistic sign for the Rahway market is in the long term trend, which excludes the variations and looks at long term predictions. This is represented by the dark gray straight line on the graph. Four years ago the average sales price was about $194,000 and today it is trending towards $215,000. Rahway homeowners can be assured that their home values are increasing, albeit slowly.
Days on Market:Three factors affect how long your home will be on the market – price, condition, and marketing. Homes that are priced at market value sell faster than homes that are overpriced. Homes in better condition will sell faster than homes in poor condition. And homes that are marketed well will sell faster than homes that are not marketed well.
In November of 2016, the average sold home in Rahway was sold after 87 days – just slightly slower than the 12 month average of 85 days.
Here’s the graph showing how long it takes to sell a home in Rahway going back and comparing the last 4 years. The graph shows some seasonality with homes selling faster in spring and summer months than during the fall and winter. The trend line is the dark grey line on the graph and it shows that homes are selling about 40 days faster now than they were 4 years ago in Rahway. This trend will hopefully continue as the Rahway market improves.
If you’d like to learn how much your home is worth, we’re happy to help you. Contact us at 908-917-4189.