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September 24th 2008

Median Sale Price for Homes in Union Drops $62,137. Opportunity Knocks.

Prices in Union, New Jersey have been coming down in a big way. Not a good thing for sellers, but buyers are taking full advantage of the situation.

Here’s the deal. Back in August of 2005 the median sale price of a home in Union, New Jersey was $362,500. Flash forward to August 2008, and the median sale price has plummeted to $300,363. In addition, the List to Sale Ratio has gone from 99% in August of 2005 to 95% in August of 2008. To top it off, the average selling time of a home went from 56 days in 2005 to 99 days in 2008.

Here’s the report I pulled from the Garden State MLS. The Numbers are Deemed Acurate but Not Guaranteed.

So what does this mean? I’m not entirely sure.

What I can say, however, is that there are buyers. They are making offers. And they’re getting Huge discounts.

Who wouldn’t want to reside in the 75th Best Town in the United States according to CNN Money.

Homes Currently For Sale in Union, New Jersey
$0 – $300,000
$300,000 – $500,000
$500,000 and Beyond

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