New Providence and Summit Real Estate Market June 2018

As we move into summer, buyers are looking to put down roots in New Providence and Summit. Maxavenue real estate expert Jason Forster explained that the market is heating up as many new listings become available. Still, sellers shouldn’t worry about an over abundance of supply as both communities recently ranked among‘s 15 hottest real estate markets in the Garden State.

Let’s take a look at the local real estate market.

New Providence Real Estate Market

Home sale prices in New Providence increased in April. The average home sold for $648,720 up a bit from $646,644 at the same time in 2017, but substantially higher than the average sale price for the same time in 2016, which came in at $601,123.

Closed sales rose 25 percent from one year earlier, with 12 deals completed, as buyers were eager to lock in interest rates before they rose again. The number of new listings increased by 38 percent, with 33 new homes coming on the market.

“In New Providence, people are flooding the market with homes,” Jason noted. “People are responding to the interest rate hikes and they’re starting to list their properties. Those who were thinking about selling are now getting off the fence.”

Summit Real Estate Market

Home sale prices in Summit have increased over the last twelve months, with the average sale price at $1,067,876, up from $1,053,762 in 2017, and $956,631 in 2016.

Closed sales in the Hilltop City dipped by 5 percent with 22 deals completed.

Jason said the real estate market in Summit is “pretty steady,” and not as impacted by rising interest rates as neighboring New Providence.

“I think buyers and sellers in Summit are less affected by interest rates because you hear about more buyers paying in cash,” said Jason. “But if rates continue to move higher, I think it will start to have an effect.”