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:
- 19 homes were sold in Rahway in Rahway in January, compared to the twelve month average of 27 homes sold per month and compared to the 25 homes that were sold in January of 2019.
- 94 homes were offered for sale in Rahway in January – compared to the 12 month average of 115 and compared to the 125 homes that were actively listed at this time last year. You can browse homes for sale in Rahway by clicking here.
- 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.
Realtors use an analysis called Months of Inventory to evaluate the real estate market. Team Zuhl explains Months of Inventory in Rahway here.
Rahway currently has 4.44 months of inventory available which means we are experiencing a normal market. This means there are enough homes to satisfy the demand of the available buyers.
Prices:
- Average sale price in Rahway in January was $295,384- compared to the 12 month average of $287,715.
- Average list price in Rahway in January was $319,491- compared to the 12 month average of $304,650.
- Consumer confidence helps increase prices. Rahway has had a slow but steady improvement in prices for several years.
The important thing to note about the graph is not the variability but rather the overall long term trend which is represented by the straight blue and red lines which show a healthy increase in home list prices and sale prices in Rahway over the past seven years.
Many forecasters are predicting a turn around in the real estate market and are expecting a busy winter. Factors such as existing and pending home sales and buyer traffic indicate that we may be headed for a rebound.
Days on Market:
- In January, the average sold home in Rahway was on the market for 68 days – compared to a 12 month average of 554 days and compared to 51 days it took to sell a home in January of 2019. Slower sales is not uncommon in the fall and winter. When the weather improves, experts predict that market will improve also.
- The solid blue trend line on this graph shows that Rahway’s homes continue to sell faster each month.
Team Zuhl explains how the Rahway real estate market this February affects buyers and sellers here.