The Good Life Group's Market Report
South Orange, NJ 07079
Single-Family Homes
Amy Paternite | 917-442-5130 and Ben Garrison | 917-940-3158
South Orange, NJ 07079
Wed May 15 2024
This week the median list price for South Orange, NJ 07079 is $899,000 with the market action index hovering around 65. This is less than last month's market action index of 66. Inventory has increased to 27.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Market conditions have been consistently cooling in the past several weeks. Because we’re still in the Seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer’s zone.
Real-Time Market Profile
| Median List Price | $899,000 | |
| Median Price of New Listings | $899,000 | |
| Per Square Foot | $399 | |
| Average Days on Market | 20 | |
| Median Days on Market | 7 | |
| Price Decreased | 19% | |
| Price Increased | 0% | |
| Relisted | 11% | |
| Inventory | 27 | |
| Median Rent | ||
| Market Action | 65 | |
| Strong Seller's Market | ||
In this zip code this week saw relatively little price change from last week. However, we continue to demonstrate a nice up trend in general over the last several weeks.
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 |
|---|---|---|---|---|---|---|---|---|
| $1,297,000 | 3,474 | 0.25 - 0.5 acre | 5 | 4 | 94 | 2 | 0 | 14 |
| $1,150,000 | 3,304 | 0.25 - 0.5 acre | 5 | 4 | 98 | 4 | 1 | 7 |
| $875,000 | 1,925 | 6,500 - 8,000 sqft | 4 | 3 | 99 | 6 | 1 | 0 |
| $699,000 | 1,642 | 4,500 - 6,500 sqft | 4 | 2 | 99 | 2 | 0 | 42 |