The Good Life Group's Market Report
West Orange, NJ 07052
Single-Family Homes
Amy Paternite | 917-442-5130 and Ben Garrison | 917-940-3158
West Orange, NJ 07052
Wed May 15 2024
This week the median list price for West Orange, NJ 07052 is $614,500 with the market action index hovering around 55. This is less than last month's market action index of 58. Inventory has increased to 46.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
The market has started cooling and prices have recently plateaued. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Real-Time Market Profile
| Median List Price | $614,500 | |
| Median Price of New Listings | $629,000 | |
| Per Square Foot | $347 | |
| Average Days on Market | 53 | |
| Median Days on Market | 21 | |
| Price Decreased | 13% | |
| Price Increased | 2% | |
| Relisted | 22% | |
| Inventory | 46 | |
| Median Rent | ||
| Market Action | 55 | |
| Strong Seller's Market | ||
In the last few weeks we’ve seen prices in this zip code bouncing around this plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.
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 |
|---|---|---|---|---|---|---|---|---|
| $1,575,000 | 4,776 | 1 - 2.5 acres | 5 | 5 | 69 | 4 | 1 | 63 |
| $700,000 | 2,036 | 8,000 - 10,000 sqft | 3 | 2.5 | 66 | 2 | 3 | 21 |
| $587,000 | 1,844 | 4,500 - 6,500 sqft | 3 | 2.8 | 73 | 4 | 1 | 10 |
| $499,450 | 1,500 | 4,500 - 6,500 sqft | 3 | 1.8 | 74 | 3 | 3 | 14 |