Perspective on the 2024 Real Estate Market Plus Our Team’s Personal “Wins” for the Year

2024 was a challenging year in real estate. National headlines about the real estate industry led to new business practices for agents across the country– and created lots of questions among buyers and sellers. Expectations of interest rate reductions were dashed as mortgage rates continued to hover in the 6% range. Inventory remained extremely low as potential sellers with fixed-rate loans significantly below current market interest rates had a strong disincentive to sell–this is known as the “lock in effect”. Buyers struggled with the difficult combination of very limited choices, year upon year of price increases, and the new normal of interest rates well above pandemic levels. On top of this, the presidential election capped off the year with uncertainty for all, no matter which end of the political spectrum.

Here is a look at our December National Real Estate Insights.

No matter which way the market is trending, for our team, real estate is about the personal. Fundamentally, we are in the business of helping people make smart financial choices about where to live so that they have an optimal lifestyle specific to their wants and needs. We LOVE getting to know our clients' personal stories and being the force that helps move them along in the direction that they want to go. Looking back, there were many “wins” for our team and our clients. Here are a few highlights:

Ginge Calhoun was able to find an “off market” home for a client relocating to NJ from San Francisco. This home was exactly what the client was looking for, newly and beautifully renovated, and close to S. Orange Village to preserve the walkability that this city-dwelling family was used to. Using her access to exclusive private listings and great connections with other real estate agents, Ginge made this NJ dream home a reality!

Stacie Levy worked her matchmaking magic to quickly make a pair of local renters into Maplewood homeowners. The couple’s top priority was being in a location very close to Maplewood Village that was within their budget. Stacie spotted a property that was on the market for a little longer than usual and was in an ideal location for the clients. After meeting this couple on a Wednesday, she had them in contract on the home the following Tuesday. Stacie’s ability to hone in on what this client was looking for specifically and to spot an “opportunity” that was just right for this couple is a testament to her experience and market knowledge.

Kelly Oates had closings on two homes on the same day in West Orange. Each buyer was a young couple buying their first place. Kelly had a hunch that the newcomers would hit it off, so she took them to dinner at a restaurant close to their new homes and introduced them to one another. The new homeowners became fast friends and ARE now both due to have babies, also on the same day. What an amazing coincidence! Kelly loves being part of her clients' life milestones and connecting with them, as well as connecting them to build a stronger sense of community.

For some agents, the highest sales can be the biggest professional triumphs. For Allison Ziefert, it is different. She loves the challenge of helping buyers with more modest budgets compete and find success in today’s market, particularly when they are employed in giving fields. Allison’s happiest real estate moments of 2024 were helping a military family and a pair of teachers, both with modest budgets, win homes in multiple bids in our expensive and competitive market. One family was thrilled and surprised to learn that they qualified for an $8000 first-time buyer assistance program from a lender that our team referred them to!

On the local level, here is an overview of some key stats for 2024.

The number of sales in Maplewood was up by 6.9% from last year to 248 closed sales. The average Maplewood home was on the market for 23 days- about the same as in 2023. The average sales price of Maplewood homes was up by 14% to $947,810. The average Maplewood home sold for 11.86% over list price, up by 2.54% from 2023.

South Orange had a total of 166 closed sales, up 7% from the previous year. The average home was on the market for 19 days, which is 22% fewer days than in 2023. The average price of a South Orange home was $1,050,729, up by almost 10% from last year. South Orange homes sold for an average of 10.82% over list price, a 2.29% uptick from 2023.

What would a real estate “win” look like for you this year? We would love to help you achieve that goal. Reach out to [email protected] so we can make some time to connect. Here’s to 2025!

The Allison Ziefert Real Estate Group is a top-producing real estate team based at Compass in Short Hills, New Jersey. We are local market experts, specializing in real estate and homes in Maplewood, South Orange, Millburn/Short Hills, Montclair/Glen Ridge, West Orange, Morristown, and the surrounding New Jersey towns. We’ve also got you covered coast to coast with the best connections to top agents around the country in any market you are exploring. We are driven by earning great testimonials and referral business from happy clients.