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2023 -  "A Tale of Two Markets"

Commentary​​ on Video
Is a Tale of Two Markets emerging? Yes!
  • Our market continues to be insulated with the severe shortage of available homes. 
  • Buyers have become more discerning, competing for many homes, but not all. 

Home sales in the Somerset Hills rose sharply since early in the pandemic. Our desirable towns always offered outdoor space, amenities, great schools, community, and homes for every lifestyle. Commuting was a concern, and the pandemic removed it. Enter late 2022-2023 - mortgage rates have more than doubled, inflation continues, and news outlets predict layoffs and a recession. While this has rattled the housing market nationally, a hyper-local view paints quite a different picture in our towns.

Sales are down in our area, primarily because of a severe shortage of homes to buy. Many homes are still receiving multiple offers the first weekend. Today, (1/31), in the towns of Basking Ridge, Bedminster, and Bernardsville combined, there are only 44 single family homes available for sale. At the end of 2019, there were 70 such homes for sale in Basking Ridge alone, vs. 20 there today.

Across our towns, there are 43 single family homes under contract, 12 of which had less than 30 days on market. There is less than a one-month supply of available homes due to demand, yet some homes are building days on market -- yes, it's a "Tale of Two Markets." 
Let's discuss!


If you’re thinking of selling your home, buying one, or referring anyone anywhere in the world, don’t hesitate to call me on my cell at 908.938.2525.


BASKING RIDGE REAL ESTATE:  Search The Hills, Basking Ridge, Bedminster, Bernardsville, Bridgewater, Real Estate and Homes for Sale  Copyright Marie Young 2005-2021
  
MARIE YOUNG, SALES ASSOCIATE
COLDWELL BANKER REALTY

1 South Finley Avenue, Basking Ridge, NJ  07920.

Email:  marie@marieyoung.net
Office Telephone:  908.766.0808. 
​Cell and Preferred:   908.938.2525 
License: 0565487 

Basking Ridge NJ Home Family Room
Coldwell Banker Basking Ridge Marie Young
Marie Young Realtor
Marie Young Top Realtor in Basking Ridge, NJ RealTrends award
​The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. ©2022 - 2023 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Anywhere Advisors LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.  
Basking Ridge Real Estate Site is owned and operated by Marie Young.  All rights reserved.  Information within site is believed reliable but not guaranteed and may change without notice.  All content and links to content is provided "as is" and without warranty of any kind, either expressed or implied.  Read Privacy Statement.  Coldwell Banker is an equal opportunity company, equal housing opportunity, and is owned and operated by NRT Incorporated. Copyright 2005-2021
  • Home
  • Marie
  • Search Homes
    • 2023 Featured Listings
    • Search Basking Ridge & The Hills Homes
    • Search The Hills by Each Subdivision
    • Search Homes In NJ
  • MARKET WATCH
    • Monthly Home Sales, Trends
    • Mortgage Matters
  • BUY OR SELL
    • Home Buyer's Guide
    • Home Seller's Guide
  • Open Houses
  • Town, School and Commute Info
    • Commute, Get Around
    • Towns and Schools
  • Events and Happenings
  • The Blog