River Edge Market Update Q3 2022

River Edge Real Estate Market Update

Residential; Home Sale for July 1 to September 30 according to NJMLS.  Information herein deemed reliable but not guaranteed.

Quarter 3 2022
  • Sold
    30
  • New Listings
    38
  • Under Contract
    32
  • Average Sale Price
    $770,117
  • Days on Market
    21
  • Inventory
    1.4 Months
Quarter 3 2021
  • Sold
    45
  • New Listings
    49
  • Under Contract
    39
  • Average Sale Price
    $667,681
  • Days on Market
    25
  • Inventory
    2.2 Months

What is Happening with the River Edge Real Estate Market?

I am sure you have heard the news about mortgage interest rates rising over the past few months.  Add in inflation and it is bound to have an impact on real estate.  So what impacts are we seeing in October 2022?

First let’s take a look at the numbers compared to this time last year.  As you can see in the tables above we have seen less sales, less homes go under contract, and less new listings hitting the market.  But homes are taking 4 days less on average to sell.

The big number people will look at is the average sales price which rise by 15% or just over $102,000.  That number is deceiving though because of the amount of new homes being built over $1,000,000.  In Q3 of 2022 we had 6 homes sell over $1 million which is a big number for River Edge.  During the same time last year 4 sold.  In 2022 we also less homes sell under $500,000 than last year (11 in 2021 vs 4 in 2022).

River Edge Market Update Q3 2022

What Does This Mean?

It means we are starting to see things slow down a bit.  The homes currently on the market have been on for an average of 45 days signaling that maybe houses won’t sell quite as fast now.  It does not mean that prices will start to drop, it just means that sellers will need to be more realistic with pricing.  It also means buyers may have more time to choose, though their buying power has taken a hit lately if they are using mortgage financing.

 

AddressSale PriceBedroomsFull BathsHalf BathsSold DateDays on MarketStyleListing OfficeSelling Office
796 Millbrook Rd$421,0000009/22/202210C/CColdwell BankerColdwell Banker
25 Madison Ave$435,0004219/30/202253C/CRedfinOutside Broker
226 Midland Ave$440,0003119/30/202261ColC Land RealtyC Land Realty
926 Myrtle Ave$465,0003117/18/202210C/CMary Davis Real EstateBerkshire Hathaway
280 Midland Ave$515,0003207/29/202222C/CMonarch RealtyKeller Williams
95 Kenwood rd$540,0002207/29/202210ColWeichert RealtorsCentury 21
172 madison Ave$549,0004208/12/202243C/CMary Davis Real EstateProminent Properties Sotheby’s
227 Greenway Ter$553,0003219/23/20226ColRE/MAXChristie’s
243 Webb Ave$570,0003208/1/20225C/COPEN LISTING-SOLDColdwell Banker
444 5th Ave$600,0003108/8/20226ColWeichert RealtorsRE/MAX
855 Park Ave$610,0005309/22/202216ColKeller Williams Valley RealtyKeller Williams
125 Voorhis Ave$618,0003209/12/202210ColRE/MAXCompass
307 Adams Ave$618,5004208/29/202221C/CRE/MAXVikki Healey Properties, LLC
188 Woodland Ave$675,0004118/8/202211ColWeichert RealtorsWeichert Realtors
279 Van Saun Dr$701,0003207/11/202212RanchRE/MAXTerrie O’Connor Realtors
646 Bogert Rd$720,0004318/23/202215ColRE/MAXRE/MAX
291 Woodland Ave$725,0004217/22/20226ColEXP RealtyKeller Williams
200 Webb Ave$730,0004229/9/202212ColRE/MAXChristie’s
82 Bloomfield Ave$740,0004307/18/202227ColChristie’sRE/MAX
910 Laurel Ave$742,0003218/15/202215S/LMary Davis Real EstateKeller Williams
213 Wayne Ave$760,0003209/29/20227ColRE/MAXKeller Williams
251 Beech Dr S$825,0004217/19/202213ColStation CitiesRE/MAX
431 The Fenway$890,0004217/17/202216ColRE/MAXGarabedian
250 Jefferson Ave$926,0004219/19/202211ColEastern Realty, Inc.RE/MAX
244 oak Ave$1,150,0005318/15/20224ColTriplemintMission Realty
116 Wayne Ave$1,250,0005429/1/202243ColRE/MAXColdwell Banker
254 Wayne Ave$1,250,0005409/7/202212ColRedfinRedfin
263 Woodland Ave$1,285,0004407/8/20224ColWeichert RealtorsRE/MAX
318 Taft Rd$1,399,9996429/8/202232ColColdwell BankerTerrie O’Connor Realtors
214 Zabriskie Pl$1,400,0006428/17/202248ColHoward Hanna Rand RealtyWeichert Realtors

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