LANA HENRIQUES Real Estate Market Report
Norwood, NJ 07648
Single-Family Homes
NJ Real Estate Expert| Realtor® |201-310-6560
Norwood, NJ 07648
Fri May 10 2024
This week the median list price for Norwood, NJ 07648 is $1,873,000 with the market action index hovering around 66. This is an increase over last month's market action index of 53. Inventory has held steady at or around 4.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Home sales have been exceeding new inventory for several weeks. However prices have not yet stopped falling. Since the market is already in the Seller’s zone, expect prices to level off very soon. Should the sales trend continue expect that prices could climb from there.
Real-Time Market Profile
| Median List Price | $1,873,000 | |
| Median Price of New Listings | $1,892,944 | |
| Per Square Foot | $414 | |
| Average Days on Market | 33 | |
| Median Days on Market | 11 | |
| Price Decreased | 0% | |
| Price Increased | 0% | |
| Relisted | 25% | |
| Inventory | 4 | |
| Median Rent | ||
| Market Action | 66 | |
| Strong Seller's Market | ||
This week prices in this zip code bumped up a bit but the trend of recent weeks is generally downward. A pickup in demand will be reflected in the Market Action Index, so watch that chart to try to identify a trough in the market.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $2,288,888 | 1,708 | 0.5 - 1 acre | 6 | 5 | 124 | 1 | 0 | 112 |
| $2,249,000 | 4,909 | 1 - 2.5 acres | 6 | 5.5 | 26 | 0 | 1 | 7 |
| $1,497,000 | 4,125 | 0.25 - 0.5 acre | 5 | 5.5 | 21 | 1 | 1 | 0 |
| $599,000 | 1,612 | 6,500 - 8,000 sqft | 4 | 1 | 74 | 0 | 1 | 14 |