Today I spent time with the New Jersey Real Estate Appraisal Group

So what did I learn about our local real estate markets from the Otteau Valuation Group?  I learned that in New Jersey people are moving back to the train line towns.  So for towns like Madison NJ, Chatham NJ & Summit NJ home prices are holding up quite well. 

While some parts of New Jersey have 12 or more months supply of homes on the market, Madison NJ currently has 4 months supply and Chatham NJ currently has 3 months supply and Summit NJ currently has 4 months supply.  While I assure you it is not a sellers market in these 3 towns, generally you have a even market when you have about 6 or 7 months supply of homes for say in a given town.

With fuel prices remaining high, and commuting times by car ever increasing look for this trend to continue, and for real estate values to do better in train line towns such as Summit NJ 07901 than in non train line towns.

James Boyer REALTOR, your Midtown Direct Real Estate Expert.  For help with your home purchase or sale stop by my website or call 973-647-0253.

For in-depth reporting on the actual home sales for many of the Midtown Direct Real Estate Markets visit the Convent News Report

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