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:
- 20 homes were sold in Rahway in September, compared to the twelve month average of 27 homes sold per month.
- 113 homes were offered for sale in Rahway in September- compared to the 12 month average of 124.
- 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 September was $305,820 – compared to the 12 month average of $277,238.
- Average list price in Rahway in September was $306,423 – compared to the 12 month average of $292,901.
- 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 September, the average sold home in Rahway was on the market for 44 days – compared to a 12 month average of 52 days and compared to 56 days it took to sell a home in August.
- The solid blue trend line on this graph shows that Rahway’s homes continue to sell faster each month.
