Homeowners and home buyers in Fanwood are smart to learn about the real estate market to help make an informed decision about when to buy and sell a home in Fanwood .

Here’s what’s been happening lately.

Inventory:

• 15 homes were sold in Fanwood in June – significantly higher than the 12 month average of 9 homes per month. Rising interest rates have not dampened the demand for homes in Fanwood.
• 43 homes were offered for sale in Fanwood in June – significantly higher than the 12 month average of 34 homes per month.
• A very active real estate market usually causes a decrease in inventory and a concurrent increase in prices.

Prices:

• Average sale price in Fanwood in June was $526,473 – compare to the 12 month average of $493,109.
• Average list price in Fanwood in June was $515,653 – compare to the 12 month average of $487,834.
• Consumer confidence helps increase prices. Fanwood remains one of the hottest communities in Union County and we predict that prices will continue to increase. Owning a home in Fanwood has been, and continues to be, a terrific investment.

Days on Market:

• In June, the average sold home in Fanwood was on the market for 30 days – compared to the 12 month average of 37 days.
• Shorter Days on Market is typical in the spring.
• The Days on Market statistic for Fanwood is also affected dramatically by one or two homes selling unusually quickly or slowly.

What this means for buyers:

• Be educated. Learn what kind of home you want. Decide with your family members what you need in a home and what you want in a home.
• Be informed. Spend some time getting to know the inventory. Learn what homes look like in your price range. Learn what home features you can afford.
• Be ready. Have your pre-approval ready so that you can act quickly when you find your perfect home.
• Work with a professional you trust who can help you navigate the muddy waters of bidding wars.

What this means for sellers:

• If you’re on the fence about selling your home, this may be the perfect opportunity to get the most money in the shortest amount of time.
• You’re competing with other homes on the market. View the other homes that are offered for sale and make sure your home is the best one in its price range.
• Make your home available for potential buyers.
• Work with your real estate professional to make sure that your home is priced right and marketed strongly!

Fanwood offers excellent schools and a convenient commute to New York City. To see earlier market reports of Fanwood, please click here. If you’re thinking of buying or selling a Fanwood home, please call us at 908-917-4189.