Summit Named One Of ‘Best N.J. Real Estate Markets’ List

SUMMIT, NJ — Summit residents are living in one of the “best real estate markets” in New Jersey, according to a recent report.

Summit came in at number 4 in a ranking list – compiled by NJ Realtors and posted by NJ.com.

The list compared Garden State markets using factors such as median sales price, the average number of days that homes spend on the market and the average percent of list price received for properties that sold through July of 2016.

See the full list here.

According to the report, here are the “10 Best Real Estate Markets” in New Jersey and their median home sales prices:

1. Millburn - $1,212,500 (41 average days on market)
2. Hoboken - $685,000 (32 average days on market)
3. South Orange - $679,000 (39 average days on market)
4. Summit - $854,000 (48 average days on market)
5. Glen Ridge - $609,576 (39 average days on market)
6. Chatham Borough - $764,500 (40 average days on market)
7. Montclair - $625,000 (47 average days on market)
8. Fair Haven - $795,000 (55 average days on market)
9. Maplewood - $575,000 (38 average days on market)
10. Ridgewood - $720,000 (47 average days on market)

‘DEMAND PRESENT, RENTAL PRICES UP’

In a separate report for August of 2016, New Jersey Realtors forecasted that year-over-year declines will remain for the remainder of the year given the reportedly low inventory situation in most markets.

“Demand is certainly present and has created competitive situations that have kept prices from steep declines,” New Jersey Realtors stated. “Rental prices are up, which may lure more toward home ownership.”

According to the report, the overall median sales price of single-family homes in New Jersey was down 2.4 percent from $312,500 in 2015 to $305,000 as of August 2016.

(Photo: Flickr Commons)

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