Tue Jul 05 2022
This week the median list price for South Orange, NJ 07079 is $799,000 with the market action index hovering around 75. This is less than last month's market action index of 85. Inventory has increased to 21.
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
|Median List Price||$799,000|
|Median Price of New Listings||$849,000|
|Per Square Foot||$333|
|Average Days on Market||18|
|Median Days on Market||7|
|Strong Seller's Market|
Again this week we see a downward notch for prices in this zip code. Pricing has been weak recently 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.
Each segment below represents approximately 25% of the market ordered by price.
|Median Price||Sq. Ft.||Lot Size||Beds||Bath||Age||New||Absorbed||DOM|
|$1,275,000||3,484||0.25 - 0.5 acre||6||4||92||1||0||7|
|$849,000||2,504||0.25 - 0.5 acre||4||3.5||91||2||0||0|
|$675,000||2,457||8,000 - 10,000 sqft||4||2.5||98||2||0||7|
|$477,450||1,397||4,500 - 6,500 sqft||3||1.8||102||0||0||35|