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 spring.

Here’s what’s been happening lately.

Inventory:

• 26 homes were sold in Rahway in May, compared to 24 homes in May of 2016.
• 150 homes were offered for sale in Rahway in May – compared to 213 in May of 2016
• More sales, even a conservative increase, will serve to reduce the inventory. 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.

Prices:

• Average sale price in Rahway in May was $259,428  – compared to the 12 month average of $234,805.
• Average list price in Rahway in May was $265,311 – compared to the 12 month average of $244,788.
• Consumer confidence helps increase prices. Rahway has had a slow but steady improvement in prices for several years.

Days on Market:

• In May, the average sold home in Rahway was on the market for 74 days – compared to a 12 month average of 77.5 days.
• Shortened Days on Market is typical in the spring.

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.

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.
• Even in a shrinking inventory situation, you’re still 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.

To read earlier market reports for Rahway, please click here. To find out more about how Team Zuhl can help you buy or sell a Rahway home, please click here or call us at 908-917-4189.