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Union County Housing Market

How does the housing market in your town compare to the rest of Union County?

The real estate business has taken quite a roller coaster ride for a few years! Prices up, up, up, then down, down, down. Where are they now?

Different parts of Union County have been affected by the real estate market differently.  Below are the number of active and sold listings throughout the county, as well as the average number of homes sold per month in each town.

Of course, data like this isn't relevant unless there's some sort of qualifier used to compare towns of different sizes. Real Estate professionals use the absorption rate,  which is the ratio of the average sold per month compared to the number of active listings, resulting in the "Months of Supply" still on the market. This refers to the number of months, at current rates, it will take to sell the existing listings.

Higher months of supply means that the town has a large inventory of unsold homes. This generally results in a slower market with lower prices. Lower months of supply generally results in a more vibrant market with homes seller at higher prices and in less time.

 

Town 
         Active             Sold  Avg sold per month Months of supply Berkeley Heights 83 117 9.75 8.51 Clark 75 106 8.83 8.49 Cranford 71 167 13.92 5.1 Elizabeth 266 193 16.08 16.54 Fanwood 33 64 5.33 6.19 Garwood 11 19 1.58 6.96 Hillside 148 84 7 21.14 Kenilworth 34 53 4.42 7.69 Linden 223 219 18.25 12.22 Mountainside 46 61 5.05 9.06 New Providence 60 109 9.08 6.61 Plainfield 313 169 14.08 22.23 Rahway 182 163 13.58 13.4 Roselle 201 110 9.17 21.92 Roselle Park 67 64 5.33 12.57 Scotch Plains 142 213 17.75 8 Springfield 81 143 11.92 6.8 Summit 105 229 19.08 5.5 Union 371 349 29.08 12.76 Westfield 158 304 25.33

6.24

A comparison of the various towns in Union County reveals that the towns that have the most vibrant sales today are Cranford, Fanwood, Garwood, New Providence, and Summit.

The homes hit the hardest are Hillside, Plainfield, and Roselle, with Elizabeth, Rahway, Union and Roselle Park not far behind.


For more specific information about individual towns, email me at TeamZuhl@gmail.com.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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