October 2024 Real Estate Market Update: Union County, NJ
10/16/2024
As we head into the fall, the Union County real estate market is still buzzing with activity. October is a key month for both buyers and sellers looking to close deals before the holidays. Here’s a quick look at the current trends and what you need to know.
Inventory and Demand
Union County is experiencing steady demand, though inventory remains limited in high-demand towns like Westfield and Scotch Plains. This shortage of homes, especially in the $400,000 to $600,000 range, is creating competition among buyers, particularly for updated, move-in-ready homes.
Stable Home Prices
Home prices in Union County have remained fairly stable throughout 2024, with the median home price currently around $525,000. While price growth has slowed compared to the rapid increases of previous years, competitively priced homes are still selling quickly, often with multiple offers. Towns like Cranford and Linden are seeing homes sell within days of listing.
What Buyers Want
With more people working from home, buyers are seeking properties that offer comfort and convenience. Homes with dedicated office spaces, larger yards, and proximity to parks or outdoor amenities are especially appealing. Locations along NJ Transit rail lines, such as Union and Rahway, are also hot due to easy commutes to New York City.
Is October a Good Time to Sell?
Yes! October is a great time to list your home, especially if you’re aiming to attract serious buyers who want to close before the holidays. There’s also less competition compared to the spring and summer months, so homes on the market now have a better chance of standing out. Just make sure to focus on curb appeal and minor updates to make your property shine.
Market Challenges
Rising mortgage rates have slightly reduced the number of first-time homebuyers, and affordability is a growing concern. Buyers are becoming more selective, so proper pricing and flexibility are crucial for sellers.
What to Expect Going Forward
As we approach the end of 2024, the market is expected to slow slightly, but Union County remains a desirable area with strong fundamentals. For buyers, being pre-approved and ready to act fast is key. For sellers, proper pricing and strategic updates will help ensure a smooth sale.
In conclusion, the Union County market is still active, making October an opportune time for both buyers and sellers. If you’re considering a move, reach out to a local real estate expert for personalized advice.
I had my client use RE/MAX in Union,NJ. They were relocating two houses, one was going to Florida and the other was going locally to the other side of Union NJ. My client had fired two other realtors who couldn't sell the homes. Once signing with RE/MAX, both homes were sold in 3 weeks over asking price. Highly recommend.
The anxiety and feeling of vulnerability with selling your home needs someone like Tina Torres to address concerns and provide honest answers to the many questions contingent to every decision in the process. Ultimately, you want the sale of your home to deliver on the goals you set within the expected time frames. Meeting those time frames can easily boost your confidence when they are met, or quickly shatter it if they are not. Tina clearly outlined her plan of action and executed it with quality and speed. The result was an offer over asking price with multiple offers waiting in the wings. Even more impressive was achieving this within 3 days of listing the home.
New to the US, our two-year search for a home in a complex market was daunting. Every offer faced hurdles until we met Tina Torres. Her expertise, unparalleled in navigating the market's intricacies, stood out immediately. Beyond her knowledge, Tina's unwavering patience and accessibility set her apart. With Tina's guidance, we not only found our dream home but also felt supported every step of the way. For anyone seeking a home, Tina is more than a realtor; she's a trusted ally.
My agent, Tina Torres, from Remax (Union) did a remarkable job in helping me sell my house. I searched for an agent that is personable and who has experience as we want to be able to sell our house fast, and Tina did not disappoint!!! She was very kind over the phone when I talked to her for the first time, she was never pushy as I needed time to clear out my house first before listing it. She came with a professional photographer and took beautiful, professional pictures of my house! I was so impressed, my extended family and friends were also amazed with how the pictures turned out! No denying these pictures spoke volumes and we had a line of people at my front door, patiently waiting to see my house! There was a bidding war and we surprisingly had 18 offers above asking price, and my jaw dropped!! e didn’t expect that at all. Tina guided us patiently! We had some hurdles along the way during our inspection but Tina gave us useful resources that helped us get thru the hurdles!Tina knows her stuff, she’s an expert in her field, professional, personable, assertive when she needs to be! I highly recommend her. She‘s a champ in my book! And because of her, our family of 4 and 2 fur babies are now free and on the road to Arizona! Thank You, Tina!!! 🥰
There are not enough words to express how satisfied I was while working with Tina Torres, her staff, and her husband Charlie who was a major support throughout the process. I sold my house after losing my husband and I was at a very low point in my life. Tina was there 24/7 providing support, guidance, and encouragement. My house was listed, tours and appointments set up, and within a week we had numerous offers. The process went quite quickly and ended with a sale which was $100,000 OVER the asking price. You can’t beat that! Call Tina for Success. Thank you. Tina.
