Most of the available real estate research only looks back into the past. Until now, Realtors were only been able to analyze the market after sales have taken place. But, I am always asked my professional opinion about property value forecasts. Basically, my clients want to know, based on available economic indicators, the past year’s activity and my market knowledge, where do I think it is headed next year?
Using a brand new source, Weiss Analytics, I can now help homeowners and home buyers take a peak at what potential values will be by market in the next year. This is the first time I have witnessed a reliable tool like this and I am thrilled to present it to my client base.
To get a good sense of the current market for South Orange, Maplewood, Millburn and Livingston here are the results for the past 5 Year
Home Values in South Orange, Maplewood, Millburn, Livingston Past Year
These numbers indicate that the home values in Millburn are leveling off, are continuing to rise in Livingston and Maplewood and exploding in South Orange
Property Value Forecast South Orange
This chart shows that a house that is currently valued at$471,000 would increase in value by almost $44,000 in the next 12 months. With interest rates currently at an all time low, this is an amazing return on investment for any home owner or real estate investor. The news is not so great for home buyers. They will do better to buy in South Orange sooner than later.
Maplewood Property Value Forecast
Maplewood’s real estate market sweet spot continues to experience the most activity in the $515,000 – $667,000 price range. If you have recently tried to buy a house in this list price range, you probably experienced the multiple bid process.
Millburn Property Value Forecast
Millburn’s prices have risen dramatically since the recession of 2008. Now, prices are leveling off. However, their initial values were much higher than South Orange, Maplewood and Livingston to start.
Livingston Property Value Forecast
Livingston property values are on the rise. The town has a highly rated school system and the lowest residential real estate taxes compared to South Orange, Maplewood and Millburn. The reason is because they have more commercial enterprise in their town including The Livingston Mall, huge number of retailers along Route 10 and corporate office buildings on Eisenhower Parkway.