Hi, this is Mark Slade with the Mark Slade Home Team of
Keller Williams, and this is your Montclair, New Jersey 2025 annual real estate
recap. It was another phenomenal year
for real estate in Montclair, as it has been for most of the towns in the Essex
County area and surrounding counties as well.
For starters, I like to look at units sold and we saw that
we had an increase in sales to 289 units, representing an increase of 6.3%. While the unit sales still don’t compare to units
sold during COVID, we are seeing some improvement and heading in the right
direction to try to return to previous levels. And, for the record, this occurred despite the
fact we've had historically low inventory.
Of course, everyone wants to know about property values, so
let’s talk about the average list price which went up by 8% to $1,162,886. At the same time, we saw the average sale
price now eclipse $1.4 million, as it registered at $1,409,997, a 6.2%
increase. As a result, while hitting the
highest performance in the area, the percentage paid over asking in Montclair did
show a little bit of a decline from 2024’s level of 23.2% yet still achieving a
level of 21.2% over asking.
The Days On Market (DOM)—measured from the list launch date
to the date the property is recorded as Under Contract/Sale Pending--is yet
another measure for how quickly inventory is selling. We saw that DOM had almost a 5% improvement, now
posting at 17.9 days versus 18.8 days in 2024.
Continuing with the analysis and providing some fun facts, this
past year, the highest list price was dramatically higher than 2024, coming in at
$4.5 million. This same property--at 81
Prospect-- sold for 103% of its asking price, boasting a sale price of
$4,650,000.
Frankly, and at the same time, I'm always flabbergasted when
the following happens, with the highest price paid over asking price hitting
76% more than the asking price. This property
was on Fullerton, and it was listed for $799,000, while it sold for $1,405,000,
which was $606,000 over asking price. I
find it so hard to fathom that someone would pay that much more over asking
price, but like we are wont to say, “the buyers make the market.” That just always boggles my mind.
Now, of course, I think it’s time for a couple of other fun
facts. So, while I mentioned that the highest price paid over asking was 176%
of its asking price, the lowest price paid versus asking was 88% of asking
price, to keep things honest. And that
just shows us that there's a wide range of performance and shows that that
market is working the way it's supposed to in that regard.
We saw that 191 homes sold for over a million dollars and
that represented just shy of 2/3 of the total units. That's an amazing
statistic.
Lastly, I feel one of the most important ways of measuring
the strength of a market, whether it's for sellers or buyers--and in this case
it's definitely for sellers--is to break out how many of the homes sold for More
Than Asking, how many homes sold At Asking, and how many homes sold for Less Than
Asking. So, without further ado, we saw
that the homes that sold for Less Than Asking improved, dropping to 7.6% from
the previous year's 8.5%. We saw a
little bit of an uptick in terms of the properties sold At Asking price—which rose
from 4.4% in 2024 to 5.2% in 2025. And
lastly, drumroll please, we saw a little bit of an uptick in terms of the number
of homes that were sold for Over Asking, hitting a level of 87.2%. That's an outstanding number and it's kind of
crazy to be honest with you, but the market is the market.
So, that is pretty much your real estate recap for Montclair,
New Jersey. If you have any questions, or you'd like to get a copy of my book, “How
to Sell Your Home for More Money,” please feel free to reach out to me via text
at 9177975059.
In closing, I want to thank everyone for their business, and we are so proud
of the fact that we have now closed over $ One-Half Billion in lifetime team
sales and served over 825 sets of clients. Have a great day and we hope you have a
healthy, happy, and prosperous 2026. Thank you for listening.
If you prefer to listen to the above post, please feel free to click on this link: Montclair 2025 Real Estate
Mark Slade runs a team at Keller Williams primarily servicing Essex,
Union and Morris Counties, although his team has closed transactions if 52
municipalities. The Mark Slade Homes
Team has now closed over $ One-Half Billion in lifetime sales, serving over 825
sets of clients.
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