Madison New Jersey Real Estate Market Report

On the sixth day of the holidays, Jersey gave to me a Madison Real Estate Market Report. You gotta see. From skyrocketing prices to surprising trends, welcome to the 12 Days of Jersey Real Estate Market Report. Each day, we'll unwrap key insights to help you buy or sell smarter this season. Let's kick it off. Hey, if this is your first visit to the channel and you're looking to learn all about the New Jersey suburbs of New York City, then please consider joining our Subs of NYC community. We'd love to have you. Hey, I'm Jeff Massey, your local realtor here in the area. And whether you're moving in the next seven days or seven months, give us a call, shoot us a text, or send us an email so we can help you make an easy, stress-free purchase or sale and get you to the closing table. All right, so as we said, we're gonna be unwrapping the real estate market reports for New Jersey. What we're gonna do today and over the next couple days is look at specific towns that we talk about a lot on the channel. A lot of them are Midtown Direct, and we're gonna be ranking them from most affordable to most expensive. So what I'd like for you to do is guess which town is gonna come up each time, and then what we can do is see which one you think is gonna be the most expensive. I think it's gonna catch a few people off guard. But again, we're gonna look at most of the towns that we've talked about or highlighted on the channel. But before we get into that, I'd like to tell you about an upcoming buyer seminar that I'm gonna be doing on January 12th, 2025. And if you click the QR code over here, actually, it'll take you to a Zoom registration for the webinar. And we're gonna be doing that on 8 p.m. It's a Sunday night. We'll be going through the buying process, getting people comfortable with any questions they might have. And then afterwards, if you'd like to schedule a one-on-one appointment, I'd love to do that and get to know you a little bit more personally. Also, when you fill out the registration form, please make sure you put your email and your phone number. That way we can send you text message reminders and make sure we get you to the webinar. It's gonna be a lot of fun. There'll also be a link down below in the description if you're on a phone, if it's easier to click that and you could fill out the webinar form. All right, so we're halfway there. We've reached day number six in the 12 Days of Jersey. And I hope it's been helpful learning about all this data we've been talking about, starting in Morristown. And now we're moving on. Hopefully you've been guessing along in the comments to see who you think is gonna be next. And for day number six, if you guessed Madison, then you would be correct. So today we're gonna be talking about Madison. It's right here in the middle of our 12 Days of Jersey. Let's jump into the screen and show you a little bit of the data going on here for Madison. And as you know, we like to start out with new listings. And again, just to explain, this is 12 months of rolling data So this is 154 in November, 2024. That's looking back 12 months of closed rolling data. And so if you go back any of these days, like 215 in April of 2023, that would have been 215 looking at 12 months back. So you can see here very, very tight contraction of homes coming to market all the way down. This is basically at the low here of 152. And this is in the past five years looking back. So 154, it peaked up a little bit when we look at November. So let's switch over. So 154, let's see how that converted into Madison's closings. So 154 and 126, so about 25 different. That's pretty tight. We saw anything from 10 to 60 in the past couple of days that we've been looking at these numbers. You can see here a spike of 230 in 2021 and really just coming down, down, down, down, down into the last year here, we had 156. Now at the low of 119 in September. And again, this isn't like there wasn't 119 that closed in September. This is looking at that 12 month rolling average I keep talking about. So from here, let's look at days on market. Let's look at the median first. Very consistent with some of the other towns. This one's slight, Madison being slightly higher at 16. Some of the others are a little bit tighter. But I mean, still this is on median, two weeks being on the market. And a lot of these are going even faster than that. If it's priced, if it's priced strategically as I keep saying, then some of those can be like seven day numbers. When we look at the average, it's gonna jump up a little bit because it's taking into account all the homes. So we're seeing at 28, so that's actually a big gap. Some of them, most of them have been like seven to 10 day gap. This is about a doubling, almost a doubling of that number. But you can see that's interesting, spiking up a little bit since the beginning of the year with Madison. So maybe there's being a little bit of a pushback in terms of, we'll have to compare that with percent of over asking, see what that looks like. But from here, let's look at the median sales data. So in November 2024, we're looking at 975,000. And that's again on that rolling number and big jumps since August, since the summer months. So even pushing into the fall and winter, we're seeing like a really big jump here. And again, that's probably because that really, really tight number that we're seeing drop off. There's just not enough homes out there. So people are coming up, they're stepping up. So we're gonna see when we look at average, if that's gonna jump even further. Once 975, let's see here. Oh, interesting, 1.2 million. That's one of the biggest. Now we're getting to the well over the million mark here. In the earlier towns we were talking about from day one to five, I think in South Orange, we've just peaked over the million mark. And now in Madison for the average, we're at 1.2 million. Pretty sizable gap between median and average there. It's interesting. And you can see here, we had a big, big swing in that spring season from February, January, and really peaking up to 1.214. Slowing down a little bit in the late summer months and then still going strong here in November. So let's jump over to percent of list price. And that's sale price to list price ratio. So you can see here very consistently since 2021, things have been over 100% asking. And in November 2024, we're at 105.5% of asking price. So definitely very competitive here in Madison, as you can see with that 1.2 number. A little bit of up and down here in the last couple months. And that's looking at average. Let's look at median just really quick. Oh, median. Yeah, a little bit less and then dipping down in terms of 102 for November. But you can see on average pretty consistently closer to 106% of asking price there. From there, let's look at the month supply, which is always interesting. We're at the tightest one we've seen is 0.9. Let's see if we can beat that. Nope, nope, nope, nope. 1.4 months in Madison. So that's kind of coming a little bit higher than some of the other towns we've been looking at. Still, again, very tight compared to past years, eight, almost nine months at the sort of the beginning of the pandemic there. That's kind of really before the pandemic even started. So March, April is when the pandemic was happening. And then we saw this kind of flood to the suburbs and everything kind of stumbled downhill in terms of things really tightening up, supply being constricted. Madison, a 1.4 in terms of months. And if we look at that sale number, that's really impressive, 1,200,000 for Madison on average. And again, that's just the average. There's some that are even more expensive than that. I hope that's been helpful to get some numbers for you for Madison. Stop number six on the 12 days of Jersey. Now, if you're interested in any one of the towns that we'll be talking about, there's videos throughout the channel that you can watch to learn a little bit about the downtown areas and various facts as well as home tours in those particular towns. I hope you enjoy. Don't forget to comment which town is gonna be next. And also don't forget to register. Click the link over here to register for the Bayer webinar. And that's gonna be January 12th. I'm really looking forward to seeing you. Once again, my name's Jeff Massey. Thank you for letting me into your home tonight. And I hope that together we can help find your next one. In the meantime, we'll see you in the next video. All right. I'll see you in the next video. Bye.