Real Estate Market Report: 1st Quarter 2018 – Passaic County, NJ

Passaic sales growth was stifled by a lack of available homes for sale, which fell over 21% and is now down to 5.3 months of inventory. That lack of inventory drove sales down almost 4%, but also had a dramatic impact on pricing, which was up almost 6% on average and 7% at the median. We’re now seeing a sustainable appreciation trend, with yearlong prices up almost 4% on average and 5% at the median. These rising prices will eventually attract more homeowners into selling their homes,  but probably not in time for the spring market.  So we expect that the next quarter will continue to see low inventory suppress sales while driving prices higher.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.

Posted on April 11, 2018 at 1:45 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

Comments are closed.