Are you wondering if now is the right time to sell your home? Will this year's Chatham, NJ, real estate market favor buyers or sellers? You will be glad the market is booming and showing strong competitive vibes right now! Let's dive into the exciting dynamics of the Chatham housing market. We'll look at price trends, how competitive things are, and how interest rates play a role. This information will help you make the right decision!

Northern New Jersey Real Estate Market Watch

As of December 2024, homes in Chatham spent a median of 13 days on the market. However, northern New Jersey real estate trends are always changing. Contact The Saritte Harel Team for help buying and selling homes in New Jersey.

4 Things To Know About Chatham NJ Real Estate Before Selling Your Home

1. High Demand and Limited Inventory

At the start of 2025, the local real estate market surges with energy. There's a high demand for homes, but there's not quite enough inventory. As of January, there were 38 home listings in Chatham. The limited selection of homes makes buyers competitive, leading to quicker sales and potentially higher prices. That means homes are in demand, and the market is thriving! The limited inventory and high demand may push many buyers to make faster decisions. That could be a good sign for homeowners looking to sell quickly without sacrificing price.

2. You Can Sell At A Good Price

Home prices have been climbing steadily in recent months. While the year starts with prices experiencing their typical winter decline, they are higher than last year. Current trends point to a vibrant seller's market, meaning homeowners can reap significant gains when selling their properties. As of January, the median sale price in Chatham was $1,285,000. That's an increase of over $280,000 from last year.

Competition is also leading to bidding wars that may drive up sale prices. As of January, 75% of homes sold above the list price. On average, homes sell at more than 8% of the list price. That means sellers might get even more than they expect when they list their homes. With prices increasing and more competition, sellers have a lot of potential. Exciting times are ahead for Chatham homeowners!

3. Days Taking To Sell

You'll be happy to hear that homes are selling quickly in Chatham, NJ. As per the current trends, the short time on the market shows just how much buyers are interested in the area. As of January, homes in Chatham sold in a median of 12 days. That means sellers are often in a great position and may not need to lower their prices to attract buyers. As the previous section points out, many sellers are getting over the list price for their homes. We're also seeing very few sales below the list price, indicating a strong bargaining position for sellers.

4. Interest Rates

Let's discuss how interest rates affect the real estate market. These rates are crucial because they influence buyers' behavior and what they can afford. Right now, 30-year mortgage rates around 6.625% to 7% can be challenging for buyers, especially those used to lower rates.

But guess what? Despite these higher rates, the Chatham market is holding firm! It's not stopping people from making moves in the local market. While high interest rates can make pricing tricky, opportunities remain. Many also expect interest rates to decline slightly over the year. That could result in more buyers entering the market, further increasing competition.

If you're considering selling real estate in Chatham, NJ, now is the perfect time! However, a good real estate agent can help you leverage the market to its full advantage. Stay updated and connect with real estate professionals who can help you navigate this exciting market.

Do you need help finding a home in Chatham, New Jersey? Click here to contact The Saritte Harel Team. We know northern New Jersey's premier communities and can help you achieve your goals. Reach out now to learn more.