July 2020 Market Update
Summer is almost over and fall is just around the corner! This past summer has been anything but normal given the current pandemic we are facing. We hope you and your family have all remained healthy and have enjoyed your summer!
Our local real estate market has been on fire! The National Association of Realtors stated home sales have hit a record setting rebound. We are seeing buyers eagerly purchasing homes and who can blame them with interest rates below 3%! This fierce competition among buyers is contributing to home price increases as well, as more buyers are finding themselves in bidding wars in this environment. The housing market is still leading the way toward recovery.
This is made clear just by the jump in units closed from June to July! EVERY town on this list saw an increase, some more extreme than others.
Multiple towns actually had over an 100% increase in units sold:
- Chatham Borough - 186%
- New Providence - 250%
- Madison - 110%
- Berkeley Heights - 200%
Should you be considering making a move this fall, or even within thenext year, and would like to know what your home is worth in today’s market, give us a call! We would be more than happy to sit down with you to go over your local real estate market stats in depth and provide a complimentary home evaluation. Check out how your down is doing HERE.
