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Overall, according to Redfin, inventory is up in the Newark NJ Metro area by 4.3%. It's noticeably true as well, just by simply taking a look at each town and the amount of homes for sale. What is also happening is there are nearly 21% homes that to reduce their asking price in order to sell. Additionally, the average home in august sold for 98% of it's full asking price. The last time we saw homes selling below asking was in the summer of 2023.
The market feels a bit more sluggish these last few months as some buyers are either waiting for rates to come down lower, or they are becoming a bit more selective in what they are making an offer on.
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