The Nutley Real Estate Report

Hey, good morning guys. Matt De Fede with Realty Executives Elite Homes. This is the Nutley Real Estate Report. If you could see the board behind me, basically what’s going on right now is this, and I’m going to explain the opportunity here because a lot of people are worrying about the shift that you hear people talking about.

It’s not that bad. I’m going to tell you why in a minute. What we’re looking at right now is a median listing price of about $440,000 in Nutley. That’s the listed price, what the home is listed at, not what the home is sold at.

What matters is what price the home is sold at. We’re looking at $440,000 is the average list price when a home goes on the market in Nutley, and the average sold price is right now about $389,000. List price is $440,000, sold price is $389,000.

That’s what matters to appraisers is the actual sold price. You’re going to list a home for anything you want and you can have realtors tell you your house is worth millions of dollars, but it’s not going to happen when somebody goes to buy it because the market determines what the price is. Right now the market is determining that median priced home is $389,000.

That’s on an average. The other thing that has changed since May of this year is the actual days on market. We’re looking at an average of 60 to 61 days on the market now.

That’s two months. In May we were back at 27 days on the market, and yes, this has to do with that shift that’s going on right now and we’re going into a more normal market, and that’s a good thing. The other thing we have to look at is we only have about 200 homes on the market. That’s an opportunity for home sellers right now because demand, supply and demand, demand is pushing the home prices up and that goes for all the surrounding towns as well, Nutley, Belleville, Clifton.

The only thing we have to watch is the interest rate. We’re looking at an average interest rate right now about 4.9%. We have a whole generation of people that have not ever seen a 5% interest rate within the last 10 years. They’ve never seen it so they don’t think it’s normal, but it is.

What that does do is push down affordability and how much home a person can afford. A point can bring up your payment 100 bucks, 200 bucks, depending on what type of home you’re buying.

That’s what’s going on right now in Nutley. That’s the real estate market in a snap shot. If you have any other questions feel free to reach out to me. It’s Matthew De Fede, Realty Executives Elite Homes and have a great weekend. You Search For Homes in Nutley, Belleville & Clifton New Jersey at: http://www.nutleyrex.com

Home Down Payment Help!

Top Real Estate Agent in Nutley NJ

I am excited to be nominated as a Top Agent in my area of Nutley NJ by Top Agent Magazine.

top agent in nutley nj

How Supply & Demand Affects Real Estate in Nutley

The price of any item in Nutley NJ is determined by the supply of that item, as well as the demand for that item in its market. The same is true in Nutley real estate. As the inventory of homes available for sale in Nutley shrinks, and the demand that buyers have for those homes continues to grow, prices increase. Let’s get together to discuss the supply and demand of homes in the Nutley Real Estate Market http://www.NutleyRex.com

49 Plymouth Rd in Nutley Has Just SOLD!

Interview With Daniel D’Elia

Luxury Home For Sale in Nutley NJ

Newer Home in Nutley New Jersey

This 4 bedroom custom built home would be a delight for any home buyer, this home also features a full in-law suite with its own entrance a must see for someone who appreciates fine detail and easy access to NYC one block away from the new Medical School located in Nutley, this home is in the Spring Garden Section of town

Listing info for 38 Cathedral Ave

  • Price: $624,500
  • Status: Active
  • Type: Single Family Residential
  • Bedrooms: 4
  • Full Bathrooms: 3
  • Half Bathrooms: 1

Contact us for details

Presented by Matthew DeFede

973-846-0065
http://www.homesinnutleynj.com
Realty Executives Elite Homes
Listed by: Realty Executives Elite Homes

2 Bedroom Apartment For Rent in Haldeon NJ

The requested property is no longer available.

See other rentals and homes

1 Beroom 2nd Floor Unit For Rent in Nutley

Nice 2nd floor condo for rent in Nutley

Listing info for 7 River Rd

  • Price: $1,350
  • Status: For Rent
  • Type: Residential Rental
  • Bedrooms: 1
  • Full Bathrooms: 1

Contact us for details

Presented by Matthew DeFede

973-846-0065
http://www.homesinnutleynj.com
Realty Executives Elite Homes
Listed by: Realty Executives Elite Homes

19 Oak St, Belleville NJ For Sale

SEE MORE PHOTOS HERE

Show Buttons
Share On Facebook
Share On Twitter
Share On Google Plus
Share On Linkedin
Share On Pinterest
Share On Youtube
Share On Reddit
Share On Stumbleupon
Contact us
Hide Buttons