The first half of 2015 is over and all results point to the fact that South Orange real estate is having a great year. Using analytics from the Garden State Multiple Listing Service (the most reliable real estate info compared to consumer sites like Zillow and Trulia), here are the results:
Second Quarter 2015 Versus 2014
- The average house stayed on the market only 13 days – compared to 48 days in 2014 – 66% less time
- Homes sold for 3.5% above list price compared to 1.9% below list price – that’s an increase of 5.4%
- The average sale price was 9% higher
First Half 2015 Versus 2014
• Houses stayed on the market for 22 days in 2015 which is 40% less time than the previous year
• Homes sold at 2.2% over list price – compared to 2.1% below list price year prior – an increase of 2.1%
• The average sale price was 8% higher
What Driving the South Orange Real Estate Market
In my own informal buyer surveys, the majority of South Orange home buyers are coming from Brooklyn, Hoboken and Jersey City where they enjoy an urban lifestyle, but need more space. South Orange is the perfect solution since the village has such an urban vibe that includes a live theater, movie theater, good restaurants and of corse an amazing selection of great coffee shops.
Another reason this generation of buyers is finding South Orange a great value is because they are either selling their co-ops for a big profit or, because interest rates remain low, its cheaper to buy than to rent.
At the same time, the downtown has never been more vibrant, more beautifully landscaped and had so many great options for dining. The South Orange Village Alliance is largely responsible for these improvements and they are indeed making South Orange an even more appealing place to call home.
Read more about South Orange