Hi, this is Mark Slade with the Mark Slade Homes team at Keller Williams, and I am really excited to present to you the 2025 annual real estate real recap for West Orange, New Jersey. You will soon see that we had a really great year for West Orange real estate with a lot of leading indicators moving in the right direction.
(FEEL FREE TO LISTING TO THE POST ON MY YOUTUBE CHANNEL: West Orange 2025 Video Blog Post)
I would now like to take this opportunity for my affectionate term for West Orange as being part of the Maplewood, South Orange and West Orange area, which I've now dubbed SOWOMA; this way we can have a little fun with it.
Let's get started and talk about the actual statistics. First, we witnessed a slight increase in the number of units sold, topping out at 389 units. This was a 1.8% increase over the preceding year. That's healthy movement and while it is not tremendous change, it's still a movement in the right direction.
Since most people like to focus on pricing, let’s shift gears a little and look at these values. When we looked at the average list price, I calculated that it increased dramatically to $673,551. At the same time, the average “sold” price eclipsed the $700,000 mark, registering $732,623 and it was nice to see that kind of movement.
I also like to evaluate the price being paid versus the average list price and in 2025 results came in at 8.8% over asking. This is an incredibly healthy number, especially given that the relative prices of the sale and list prices went up so much. While I wish it had matched the prior year’s results, it was a slight drop from the year before, which had buyers paying 9.1% more than asking price in 2024.
Another key determinant of market health is the measure known as Days-On-Market. In 2025, the DOM, as we call it, went down by 1.3 days and that's also a very healthy drop.
Now at the same time I look at a lot of other statistics to try to give us more information to understand the health of the market. One such fun fact is evaluating the number of properties that sold for over $1,000,000. In 2025 saw this figure increase by 13 units more than the previous year, giving us 47 homes that sold for over a million, which was 12% of the total unit sales.
More fun facts include the highest list price and the highest sale price; the highest average list price in 2025 $ 2,999,999 which was a which was less than obviously the preceding year’s $ 3,200,000; But ironically the previous year’s $3.2M listing only sold for $2.850 whereas this year, the highest sale price was $3.2 million.
Rounding out the fun facts, I like to see what were both the highest prevent paid over ask and the lowest percentage versus list price. In 2025, the highest percentage paid over asking was 151% of asking price. And I think it's kind of ironic because it was 51 Lessing in West Orange and that was a house that was listed in the $700,000’s and sold for over a million. Conversely, we did have a property that sold for only 83% of its asking price. So, as you can see there is a wide range in performance, which should keep everybody honest.
Returning to more important market statistics, I like to do is to see how much of the inventory sold for “More Than Asking,” how many homes “Sold At Asking,” and how many homes “Sold For Less Than Asking, which I view as the most important statistic to help us gauge how heathy a local real estate market is in a given year. So, starting with lower ranked performance, we saw 11% of the inventory sell for less than asking price, which was positive movement, a figure that was almost 3.4% less than the preceding year.
The number of properties that sold “At Asking ,” came in at 8.5%; this figure was also a slight (yet healthy) decrease from the preceding year.
The good news is that both of those numbers, being declining values obviously must be made up somewhere and they got made up in the right place--in 2025, 80.5% of the listings sold for Over Asking. And that's an incredible statistic.
On a personal note, The Mark Slade Homes Team is proud to say that our best performance was at 8 Colony Drive East in West Orange, which was listed for $ 865,000 and Sold for $1,178,000, which was 36% over asking, a.k.a. $313,000 more than its asking price.
If you have any more questions about the market, if you'd like to receive our weekly market updates, or even if you'd like to get a copy of our book, “How to Sell Your Home for More Money,” then please feel free to reach out to me via text at 917-797-5059.
Once again, this is Mark Slade from the Mark Slade Homes team at Keller Williams. Thank you for listening. Have a great day and have a great, prosperous, happy, healthy 2026. Thank you so much.
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
I am also a Luxury specialist (CLHMS), I have received special training to guide and educate you through the entire home buying and selling process. Not only does this extra training help me better understand this upper echelon in real estate, its benefit include a special luxury website: www.njluxhomes.com and a corresponding worldwide luxury network that helps to put luxury buyers and sellers together.
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:
www.bedroomcommunitiesofnyc.com
www.goodhomesforgoodpeople.com
*PS: the above stats were pulled from recorded properties listed and sold in the GSMLS between 1/1/25 through 12/31/25.
No comments:
Post a Comment