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Hey, everyone! Have you ever played a game of hide-and-seek where some players are super fast, and others take a bit more time to find? Well, that’s sort of what the real estate market feels like in Franklin Township (Somerset County) right now! Let’s break it down so it’s as simple as your favorite after-school snack (and a little fun too!).
1. Median Sales Price (AKA: How Much Homes Are Selling For)
- Single Family Homes: $563,892
- Condos: $450,000
What does this mean? Think of it like this: if homes were candy bars, a single-family home is like the jumbo-size bar, while condos are the king-size. Both are awesome, just different sizes—and the bigger the home, the more it’s selling for! This year, the prices have changed a bit, but don’t worry; the homes are still sweeter than ever!
2. Days on Market (How Long Homes Are Waiting to Be Picked)
- 2023: 25 days
- 2024: 30 days
So, imagine your home is playing hide-and-seek with buyers. Last year, it was getting found in 25 days—a pretty quick game! This year, it’s taking 30 days. Not a huge difference, but hey, sometimes you just need a few extra minutes to find the best hiding spot (or the best buyer).
3. Percent of List Price Received (How Much Buyers Are Offering)
- 2023: 107.1%
- 2024: 105.2%
This is like when you’re selling lemonade and someone gives you more money than you asked for—awesome, right? Last year, buyers were offering 107.1% of the asking price, and this year, they’re giving 105.2%. Still over asking price, so you’re walking away with more than you thought. It’s like getting a bonus cookie with your lemonade stand!
4. Months Supply of Inventory (How Long the Houses Last)
- 2023: 2.8 months
- 2024: 2.5 months
Think of this like your Halloween candy stash. If no new homes were added to the market, they’d be gone in just 2.5 months! Last year, it would’ve taken a little longer—2.8 months. So, houses are selling pretty fast, just like how your candy disappears after Halloween!
What Does This All Mean for You?
- If you’re selling a single-family home or condo, you’re in a good spot! Buyers are still out there looking for homes, and they’re willing to pay more than you ask—like getting extra sprinkles on your ice cream.
- Homes are taking a little longer to sell, but don’t worry, your house will get found. Just think of it as an extended game of hide-and-seek!
- Prices are strong, so if you’re thinking about selling, it’s still a great time to put your home on the market and watch the offers roll in. Kind of like waiting for your popcorn to pop—you know it’s coming!
So, if you’ve been on the fence about selling your home in Franklin Township, now might be the perfect time. Let me know if you have any questions or want to chat about how your home fits into this crazy game we call the real estate market! 🏡
Best,
Paul Giannantonio
ERA Central Levinson
908-334-4395
Paulg@ERAcentral.com
