Now that 2016 is behind us and 2017 is off to a good start, we can take a look at the real estate market trends for New Jersey’s most popular neighborhoods. Our 2016 case study of South Orange, Maplewood and Montclair provides key insights into the past year and significant forecasts for the one ahead. Given that real estate market in this part of New Jersey tells a different story from its counterparts in the rest of the country, we’ll delve deeper into these market trends to see how they relate to the nearby neighborhood of West Orange.
Here’s a quick look into the types of condominiums and houses available in this area alongside 4 West Orange homes for sale buying trends.
Condos for Sale in West Orange, NJ
Given that the need for housing is always strong in this area, there’s a number of new developments focused around condominiums and townhomes popping up in West Orange. This town, which is one of the larger ones in the area, offers a range of choices for all price levels as a result. Whether you’re looking for a well-priced condo or an ultra luxury townhome, West Orange is a great place to start shopping around.
Houses for Sale in West Orange, NJ
With a series of new construction homes ranging from Victorians to Tudors to Colonials in this neighborhood, there are a wide variety of home styles coming to life in West Orange. This town, which is divided into four main sections, provides a spectrum of price points for potential buyers accordingly. Once you’ve narrowed down your search to one of these West Orange neighborhoods, you can begin getting to know this area.
4 Home Buying Trends in West Orange, NJ
Buying Homes for Higher List Prices
Buying homes at a higher list price is one buying trend to think about when taking the next steps toward investing in homes for sale in this part of New Jersey. Because the town is experiencing rising numbers for average list prices, sellers have had more freedom when setting initial prices. This phenomenon ensures each homeowner will benefit from the surplus of buyers, while shoppers will end up paying higher prices to close deals.
Buying Homes for Higher Sale Prices
Buying homes for higher sale prices is a second buying trend in West Orange to have top of mind when considering homes for sale in this locale. Because the town is dealing with increases in average sales prices, sales negotiations have been favoring sellers. This development puts each homeowner looking to sell a condo or a house in a good position, while buyers will find themselves having less money due to higher interest rates.
Buying Homes in a Seller’s Market
Buying homes in a seller’s market is third buying trend in West Orange to pay attention to when shopping for homes for sale in this region. Because the town is at an average of 70 for days on the market, where anything under 180 days is dubbed a seller’s market, it’s experiencing a time when house sales are happening quickly. This fast-moving estate market, where there’s more buyers than homes for sale, has created a high demand for quality places to live while breeding some tough competition.
Buying Homes Near Public Transportation
Buying homes near public transportation is a fourth and final buying trend in West Orange to keep in mind when looking for homes for sale in this area. Because the town is located on the Midtown Direct train line, it’s the perfect location for commuters looking to travel into New York City quickly and easily. This close proximity to Manhattan ensures that West Orange will continue to be in high demand among busy professionals who need a condominium or house near the big city.
These 4 home buying trends in West Orange are important to keep an eye on as you browse properties for sale this year. Because the three neighborhoods highlighted in this case study – South Orange, Maplewood and Montclair – illustrate the different changes taking place in this part of New Jersey, you’ll know what to expect from this real estate market moving forward. The information from last year will play an important part in understanding how the market trends will unfold the coming months as more buyers start looking for condos and houses for sale. If you’re ready to take the next steps toward finding your dream home in the heart of New Jersey today, please don’t hesitate to contact me.