Westfield – Summary
The real estate market in Westfield, NJ continues to be strongly in favor of sellers with only 57 single family homes currently for sale which is down 3.31% in the last month. Of the home listed, the Median Estimated Home Value is $1,119,700 and the Median List Price is $1,349,450. There is currently only 1.21 month’s of inventory available which is down almost 24% since last month indicating a further tightening of the market for single family homes in Westfield, NJ.
The chart above show that Westfield single family homes have increase 11.2% in value over the last 12 months although we may be turning a corner now since the last month values decreased by 2.9%. Some of that may be seasonal, but we will need to keep an eye on things to see if there will be a pause in the torrid rate of increases we have seen in the last couple of years.
The median list price had dropped since the peaks it hit during the summer months, but it is still sell up more than 60% over the last year.
Possible Risks
NJ is leading the nation in the number of distressed properties as a percentage of total homes. Even in a wealthy area such as Westfield, there are currently 5 single family homes in some form of distressed status.
Summary
Westfield continues to be in a sellers market with a great many more buyers than sellers for single family homes. If you are thinking about selling, it might be a good idea to sell now before a more balanced market returns. We have many buyers looking for homes in Westfield. If you would like a free estimate of what your home could sell for, please contact us!
