Allison Ziefert's Market Reports
South Orange, NJ 07079
Single-Family Homes
Allison Ziefert Real Estate Group | allison@azhomesnj.com | 973.310.6816
South Orange, NJ 07079
Tue Jan 28 2025
This week the median list price for South Orange, NJ 07079 is $704,950 with the market action index hovering around 50. This is an increase over last month's market action index of 47. Inventory has decreased to 8.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Market Narrative
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 | $704,950 | |
| Median Price of New Listings | $785,000 | |
| Per Square Foot | $336 | |
| Average Days on Market | 63 | |
| Median Days on Market | 53 | |
| Price Decreased | 13% | |
| Price Increased | 0% | |
| Relisted | 38% | |
| Inventory | 8 | |
| Median Rent | ||
| Market Action | 50 | |
| Strong Seller's Market | ||
Again this week in this zip code we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.
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 |
|---|---|---|---|---|---|---|---|---|
| $1,445,000 | 0 | 0.5 - 1 acre | 6 | 3.8 | 118 | 0 | 0 | 56 |
| $842,000 | 0 | 4,500 - 6,500 sqft | 3 | 2.8 | 91 | 1 | 1 | 21 |
| $620,750 | 2,167 | 4,500 - 6,500 sqft | 3 | 1.8 | 99 | 0 | 0 | 91 |
| $574,500 | 1,418 | 0 - 4,500 sqft | 4 | 2 | 90 | 0 | 0 | 84 |