The Bunn Moxley Westfield-Midtown Direct Home Price Index – combining seven suburban NJ towns – measured $822,118 in May. This was a 3% increase from April, and a 6.8% increase over the past three months.
The “WMD” Index combines all home price sales during each month for Millburn, Short Hills, Summit, Chatham, Madison, New Vernon and Westfield.
Since the Bunn Moxley WMD Index launch, we are pleased with feedback received. Many find the Index useful as a way to compare home prices across Bunn Moxley Suburban New Jersey towns.
We also compare home price trends in each WMD town. Here are the May year over year results:
Short Hills continues to outpace other markets. Home Prices soared 39% year over year, with the average home sale approximately $1.4 million – the highest in the WMD area. Days on the market before sale remains a low 43 days, and the list to sale price ratio a tight 97.5%. Transaction volume spiked to 17 sales, almost double from the prior year.
Millburn offers the most reasonable real estate in the WMD, with average home sale prices of $568,500. Many see the Millburn market as a extraordinary value, especially given the top ranked Millburn-Short Hills Public Schools. Interestingly, of the four transactions in May, two were at list price and two achieved sale prices above the list price. Transaction volume doubled from the prior year.
The average home sale price in Summit for May was $822,288, with list price to sale price ratio of 97%. Summit transaction volume gained, doubling to 30 transactions during the month.
Chatham NJ continues to enjoy steady home price gains. The average home sale in Chatham in May was $778,850, up 8.6% year over year. Demand spike during the month, with transaction volume up 75% from the prior month. Perhaps driving the demand is the rerating of the Chatham NJ school system, recently named one of the state’s best.
Madison NJ average home sale prices during the month were $652,965. The list price to sale price ratio remained strong at 97%. Days on the market before sale dropped to just 42 days, the lowest in the WMD area.
Westfield NJ average home sale prices were $623,776. Home sales increased close to 50%, from 22 in April to 30 sales in May. And our “deep dive” revealed that larger home prices increased significantly, up 16% in May from the prior month.
The New Vernon/Harding real estate market performed strongly during the month. The average home sale price was $872,000, up 15% from the prior year – and 14% from the prior month. The New Vernon/Harding real estate market achieved the second highest home sale prices in the WMD area.
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