What the Hillsborough Real Estate Market Means for Sellers in 2024

If you’re a homeowner in Hillsborough, NJ, and thinking about selling, understanding the current market dynamics is crucial. As we step into the final quarter of 2024, it’s important to take a close look at how the market is performing and what that means for you as a seller. This post will break down the latest stats and explain what they signify, so you can make informed decisions when selling your home.

Pending Listings: 31

Pending listings refer to homes that have accepted offers and are in the process of being sold. As of now, there are 31 homes in Hillsborough under contract. This number is significant because it shows demand: buyers are actively making offers and homes are transitioning quickly through the sales pipeline. If you’re thinking about selling, it’s good news—there are buyers out there, and they’re making moves.

Active Inventory: 43

Active inventory represents the number of homes currently for sale. In Hillsborough, there are 43 homes on the market, a number that suggests there’s still competition, but not an overwhelming amount. This relatively low level of inventory works in favor of sellers. When there are fewer homes available, each listing tends to receive more attention, as buyers have limited options to choose from. For sellers, this creates the opportunity to price more competitively and negotiate from a position of strength.

Months Supply of Inventory: 1.42 Months

This metric is a bit more technical but highly important. The months supply of inventory measures how long it would take for all the homes on the market to sell if no new listings were added. A 1.42 months supply indicates a seller’s market—homes are being sold quickly, and inventory is low.

In a balanced market, there’s typically a 4-6 months supply of homes. With only 1.42 months of supply, Hillsborough is in a strong seller’s market. This means sellers have the upper hand, as buyers are competing for the limited number of homes available. Sellers can generally expect shorter selling times and higher offers as a result of this competitive environment.

How Does This Affect You as a Seller?

1. Stronger Negotiating Power
   In a seller’s market like this, buyers often need to make strong offers to secure a home. This means you may be able to sell at or above your asking price, especially if your property is in good condition and priced competitively.
2. Shorter Time on Market
   Homes are not sitting on the market for long. With only 1.42 months of inventory, it’s safe to assume your home could sell quickly. This is ideal if you’re looking to move soon or want to minimize the hassle of showings and open houses.
3. Pricing Opportunities
   The low inventory and high demand give you the opportunity to set a competitive price without pricing yourself out of the market. Overpricing can still be risky, but in this market, buyers are less likely to be scared off by slightly higher asking prices, especially if there aren’t many alternatives available.

What Should You Do Next?

If you’re considering selling, now is a prime time to do so. But success in any real estate transaction isn’t just about timing; it’s also about strategy. Here are some steps you should take:

• Get a Comparative Market Analysis (CMA):
  Work with a real estate professional (like me!) to understand how your home stacks up against others in the area. This will help you determine a competitive and attractive asking price.
• Prepare Your Home for Market:
  Even in a seller’s market, buyers still want homes that are move-in ready. Invest in small upgrades and ensure your home is staged properly to make the best possible impression.
• Market Your Property Effectively:
  With fewer homes on the market, strategic marketing can make your listing stand out even more. High-quality photos, virtual tours, and online visibility are essential to capturing buyer interest quickly.

Final Thoughts

The Hillsborough real estate market is moving fast, and it’s a great time to sell if you’ve been considering it. With low inventory and strong demand, sellers have the advantage right now. But remember, selling a home is a big decision, and having a solid plan will help you maximize your results. If you’re ready to take the next step or just want to discuss your options, feel free to reach out. Let’s make the most of this market together!