Hi, this is Mark Slade from Keller Williams, your local SOMA real estate expert and I am here to give you an in-depth recap of 2024's South Orange Real Estate Market performance.
First off, we saw yet another increase in what buyers paid for South Orange Homes. While the highest price paid, we didn't come in as high as Maplewood’s $2.4 Million, South Orange did see a healthy increase, going from $1.8 million in 2023, to $1.9 million in 2024. As I like to track a full range of important statistics, let’s continue with the highest list price, which registered a healthy $1,875,000. It was interesting to see them being on par with one another.
We are all very curious to see “how high is high,” so when it comes to the highest percent paid over asking, we saw a South Orange house sell for 145% of its asking price in 2024; at the same time, we saw a house at the other end of the spectrum that sold for only 93% of its asking price.
It was encouraging to see a return to some growth in units sold, also consistent with what happened in Maplewood, where we saw an increase to 155 units sold, versus the 145 units closed in 2023.
Perhaps one of the most important stat as an indicator of real estate market health, is the percentage paid over asking: in 2024, Sellers saw an average price paid equivalent to 11.3% over asking. And, while the average asking price grew by 7% to $954,490, the average sale price rose to $1,062,329, which was almost a 10% increase over the previous year.
Another prime indicator of market direction is the number of Days On Market. I found it an interesting and very healthy sign, because the number of days went down to 16.6, from last year’s 20.1 days. Just so we are all on the same page, DOM—Days On Market—is defined as the number of days from the “launch date,” till the day that the property went through Attorney Review and both parties agreed to any changes in the contract and then determined the property status to now be Under Contract. While DOM went up in most of the other area towns, by a little bit, DOM in South Orange showed a fairly aggressive drop of 17%.
Additionally, where would a market recap be if we didn’t break out stats regarding homes selling for more than $1,000,000 dollars as well as how many homes sold for over asking, at asking and under asking. So, it was good to see things like how many South Orange properties sold for over a million dollars. When I first got into the business that was not even a consideration now it's an almost everyday consideration. I was amazed to see that we just missed seeing Million Dollar homes hitting 50% of the inventory sold. In fact, there were 76 homes in South Orange out of the 155 that sold for a million dollars and above.
Further analysis shows that, on top of that, a staggering 80% of the houses sold in 2024, sold for over asking. Another 10% of the units sold at asking; leaving the balance of 9% selling below asking price.
So, that’s a wrap for where the real estate market performed in 2024 in South Orange. It’s clearly a very hot Market for sellers, primarily due to historically low inventory levels, and we are expecting it to remain at pretty much all-time lows, which will translate into limited supply in contrast to the vast number of buyers out there, coming out in droves. It's great to get in front of them and take advantage of these market conditions if you are thinking of selling your house. And, if you're looking to do so and you have any questions, please feel free to give me a call at 917-797-5059 or you can also text me at that number. Have a great day as well as a Happy, Healthy and Prosperous New Year.
Mark Slade
The Mark Slade Homes Team
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Mark Slade Keller Williams 917.797.5059 Good Homes Selling a Maplewood/South Orange/West Orange area home involves many steps and having an experienced Maplewood New Jersey Real Estate Agent and Realtor®, specializing in the Bedroom Communities of New York City in Essex/Union County— Millburn, Short Hills, Montclair, West Orange, South Orange, Livingston, Maplewood, Springfield, Summit, Madison, Chatham, Scotch Plains, Fanwood, Cranford and Westfield--by your side will make the transaction run a lot smoother. I would love to be your Maplewood/South Orange New Jersey Area Real Estate Professional! I assist both buyers and sellers in the Bedroom Communities of New York City, mostly served by NJ Transit’s Mid-Town Direct Train Lines, offering commutes of 45minute or less to NY Penn Station, with either the purchase and or sale of residential real estate.
As an Accredited Buyer’s Agent (ABR), I have received special training to guide and educate you through the entire home buying process. From start to finish, I listen to your needs and desires in what you would like and take the information you give me to find you home. My GO-TO team can provide you the best in Real Estate advice with regard to attorney choices, Home Inspectors and Mortgage Loan Officers
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As your Maplewood/South Orange/ West Orange New Jersey listing agent I am well versed on as your local expert in all things in the West Orange, Maplewood and South Orange area Real Estate Market. You can expect personalized service that includes a detailed consultation on how to best position your Mid-Town Direct home to be competitive in today’s market with training to provide my clients with an in-depth Advanced Comparative Market analysis, and advice on staging. As my office’s technology officer as well as both a Zillow Platinum Premier and Trulia Premier agent, I use the latest and most up-to-date marketing methods to get your home in front of as many buyers as possible. Being your New Jersey Real Estate Agent and Realtor ® not only involves just finding the home or selling the home, but being your guide, negotiator, advisor and advocate and making sure that your needs and goals are met. Being your New Jersey Essex/Union County area Realtor® (with a little bit of Morris County thrown in for good measure) is one of my truest passions, and “Helping You Find Your Dream Home” is my number one priority. Don’t forget These Helpful Sites:
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HOME.COMMUNITY.GIVING.GRATITUDE
A Brief History of South Orange
South Orange is a quaint residential community boasting authentic Tudor,
Colonial, and Victorian homes, streets dotted with gaslights, beautiful parks,
and a bustling Village center.
The history of our town dates back to May 21, 1666, when Connecticut settlers
landed on the shores of the Passaic River. Guided by Captain Robert Treat and
Lieutenant Samuel Swaine, the group purchased land, now known as Newark, from
the Lenni Lenape Indians on July 11, 1666.
Those families wishing to farm moved westward into South Orange and surrounding
areas. In 1678, the Lenape’s sold the settlers a second parcel of land running
from the East Branch of the Rahway River to the mountain top.
South Orange Avenue, an Indian trail, served as the main thoroughfare. But in 1705, road statutes required landowners to maintain the first primitive highways. These included Main Street and Valley and Ridgewood roads. Washington and his troops often traversed the latter during the American Revolution.
The mode of transportation graduated from horseback to oxcart, to stagecoach. Then in 1836, the Morris and Essex Railroad developed a single track between the Village and Orange and operated a horse-drawn cart. A year later the line was extended, and two cars were pulled by a wood-burning steam locomotive. The advent of the railroad established South Orange as a suburb of Newark and a summer resort. Just after the railroad was continued through to Hoboken in 1868, the Village began its rapid transformation from a rude settlement of farms and mills to a polished residential railroad suburb of New York and Newark.
Swamps were drained, roads were constructed, and gas lines were laid in the 1890s. Sewers and running water were later added. Streetlamps in the town's center burned sperm oil until 1860 when gas service became available. Electric power was brought into the Village about 1888, although most of the streets are still lit by gas lamps. The first telephone exchange was opened in Orange on December 6, 1879. In 1899, a Village central office was established.
The transition of South Orange from vast farmlands to a prestigious residential community is due in large part to the vision of one man, New York attorney John Gorham Vose. Taken with the rich mountain scenery, he purchased a home on Scotland Road in 1858. In 1862, he began to buy large plots of land to begin his conversion. As building got underway, Villagers took great interest in the development of each magnificent home. In just a few years, 175 acres between Scotland Road and Center Street were completed. Vose christened the area Montrose. Other successful businessmen, Turrell, Kingman, Connett, Mead, Speir, and Mayhew, also bought farms, carved out streets, and helped change the face of the community.
The Village Hall, built in 1894, housed the fire department until 1930 when it was moved to Sloan and First Streets. The police department then moved from its 1872 building just west of the railroad into the newly vacated space in Village Hall. In March 1972, a separate police station and Municipal Court building on South Orange Avenue was completed.
The first U.S. Post Office was opened in 1841 in Freeman's Store at 71 South Orange Avenue, but the Postmaster reported "receipts so dreadfully small" that business was suspended. In 1843, another office was opened to serve the thirty families nearby. In all, six different sites were used until 1937 when our present first-class Post Office was opened on Vose Avenue in a new building of its own. Free mail delivery started in 1899.
Built about 1680, the Stone House is the oldest in the Village and is still standing on South Orange Avenue near Grove Road. The colonial house at 167 North Ridgewood Road was built by Henry Squier in 1774 and acquired by William Redmond when he bought the Squier farm in 1850. Later the house was leased to a dairyman named Flood who pastured his cows in what is now Meadowland Park. Flood's Hill in the park, used for winter coasting, was named for this family. William Redmond built the brownstone mansion for his home which is used today by the Orange Lawn Tennis Club. Another landmark, said to have been built around 1830 and standing until after 1881 when it was destroyed by fire, was The Mountain House, a fashionable water-cure supervised by two physicians, where spring water piped down the mountain to it, was thought beneficial. A large wooden structure with two wings, set in spacious grounds on Ridgewood Road, at the foot of the present Glenside Road, the hotel accommodated 150 guests. Mr. Lord of Lord & Taylor owned it in 1850 and leased it to G. Baird. The Eclipse Stage Line operated in 1830 between the hotel and Newark. Today the sole reminders of the resort are Mountain Station and Mountain House Road, both established to accommodate hordes of visitors who once flocked here.
South Orange was part of Newark until 1806, when what is now the Oranges and Maplewood were set off as "Orange Township." The name Orange came into use in the second half of the 18th century and was officially adopted by a meeting of the inhabitants in 1780. The name South Orange first appeared in print in a newspaper ad in 1793 in "Wood's Gazette." It replaced such old names as Chestnut Hill and the Mountain Plantation.
Village government has changed dramatically from theocracy to democracy since the 1600's. In 1776, there were only a cluster of houses, a grist mill, a black-smith shop, a store or two and a tavern but South Orange inhabitants were united in defense of home and country. In 1872, civic indifference reached a peak when only 235 votes were cast in a presidential election. Population has steadily increased: 7,200 in 1920, 13,000 in 1928 and over 16,300 in 1995. The creation of the South Orange Township by an act of the New Jersey Legislature in 1861, led to the granting of the Village Charter in 1869, but not until 1872 was it given authorization to levy taxes and borrow money. In 1904, complete separation of Village and Township was affected by action of the State Legislature, after South Orange had agreed to remain in the school district. A copy of the 1869 Charter and its amendments, variances and supplements was printed in 1906. In November 1977, South Orange voters passed a new Charter for South Orange and changed its name to The Township of South Orange Village.
