West Orange 2022 Real Estate Review by Mark Slade

Hi this is Mark Slade with Keller Williams and this is your West Orange 2022 real estate recap.

It was a great year for real estate in West Orange as it was for a lot of the towns in the immediate area. The average list price went up almost 10 percent, rising from $497,000 to $545 000; even better, average price sold actually rose a little bit higher than, rising from $527,000 to $587,000, and that represents an 11.4 percent increase. Due to the fact that average sale price increased by more than the average list price, the average paid price versus asking price increased from 6% in 2021 to very healthy 7.7% in 2022.

For the entirety of the township and it took 23.4 days to sell the homes that is a tad longer than the prior year. So, that is something to keep watching even though it's still a very good healthy number.

Let’s drill down further. I like to group the transactions into three buckets—Sold For Over Asking, Sold At Asking and Sold For Under Asking. In 2021 74.7% of the homes sold for over asking, another 11.2% of West Orange homes sold at asking--that means that virtually 86 percent of the homes sold at asking it above in 2021. This also means that 14% of the homes sold below asking in 2021. These same “buckets” showed some minimal improvement in 2022. The number of properties that sold for under asking did rise to 13%, while the number of properties sold that asking did drop from 11.2% (2021) to 9%; however, the number of properties that sold for more than asking, rose from 74.7% to 77% in 2022. Therefore, in 2022, 86% of the properties sold for asking and above.

I also like to see some other fun facts. For instance, in 2021, the highest list price of $1,899,000 million and it sold for $1,900,000. The highest percent over asking was on a different property and sold for 35 percent over asking in 2021. In 2022, the average highest list price was actually almost the same at 1.896 million but that property didn't sell as much its asking price, selling for $1,750,000. However there was one property that amazingly sold for 82% over its asking price in 2022. So, all in all, it was a really good healthy year in real estate in West Orange.

If you're looking to potentially list your home this year or at some point in the near future, we'd love an opportunity to speak with you, as it should definitely be worth your while as our stats for our West Orange Sellers came in at 14.3 percent over asking in 2022, which is almost double the average for the township—7.7%. Therefore, if you're looking for a Top Listing agent that knows what they're doing, provides the kind of advice that helps get their listing clients top dollar and has the results to prove it, look no further. Please feel free to reach out to us by calling and/or texting us at 917-797-5059 where you can request a free copy of my book “How to Sell Your Home For More Money,” as we'd love to hear from you. Have a great day and a great year.

Thank You,

Mark Slade

Mark Slade Keller Williams 917.797.5059 Good Homes Selling a West Orange area home involves many steps and having an experienced West Orange New Jersey Real Estate Agent and Realtor®, specializing in the Bedroom Communities of New York City in Essex/Union County— West Orange, Millburn, Short Hills, Montclair, South Orange, Livingston, Maplewood, Springfield, Summit, Madison, Chatham, Scotch Plains, Fanwood, Cranford and Westfield--by your side will make the transaction run a lot smoother. I would love to be your West Orange New Jersey Area Real Estate Professional! I assist both buyers and sellers in the Bedroom Communities of New York City, mostly served by NJ Transit’s Mid-Town Direct Train Lines, offering commutes of 45minute or less to NY Penn Station, with either the purchase and or sale of residential real estate.

As an Accredited Buyer’s Agent (ABR), I have received special training to guide and educate you through the entire home buying process. From start to finish, I listen to your needs and desires in what you would like and take the information you give me to find you home. My GO-TO team can provide you the best in Real Estate advice with regard to attorney choices, Home Inspectors and Mortgage Loan Officers

I am also a Luxury specialist (CLHMS), I have received special training to guide and educate you through the entire home buying and selling process. Not only does this extra training help me better understand this upper echelon in real estate, but its benefits also include a special luxury website: www.njluxhomes.com and a corresponding worldwide luxury network that helps to put luxury buyers and sellers together.

As your West Orange New Jersey listing agent I am well versed on as your local expert in all things in the West Orange area Real Estate Market. You can expect personalized service that includes a detailed consultation on how to best position your Mid-Town Direct home to be competitive in today’s market with training to provide my clients with an in-depth Advanced Comparative Market analysis, and advice on staging. As my office’s technology officer as well as both a Zillow Platinum Premier and Trulia Premier agent, I use the latest and most up-to-date marketing methods to get your home in front of as many buyers as possible. Being your New Jersey Real Estate Agent and Realtor ® not only involves just finding the home or selling the home, but being your guide, negotiator, advisor and advocate and making sure that your needs and goals are met. Being your New Jersey Essex/Union County area Realtor® (with a little bit of Morris County thrown in for good measure) is one of my truest passions, and “Helping You Find Your Dream Home” is my number one priority. Don’t forget These Helpful Sites:

www.sladeteamhomes.com

www.njluxhomes.com

www.goodhomesforgoodpeople.com

www.unioncountyproperties.com

www.sladehomesteam.com

Let's work together to find you find your Dream Home!

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