Why Now Is the Perfect Time to Sell: Inside the Low Inventory Market in Millburn, Short Hills & Beyond

Think the Market Is Slowing Down? The Numbers Tell a Very Different Story…

In today’s real estate landscape, it’s easy to hear chatter about a cooling market. But when we dive into the data from key towns in our local area—Millburn, Short Hills, Summit, Chatham, Maplewood, South Orange, Westfield, and surrounding communities—the reality is quite the opposite. The market remains fiercely competitive, driven by a persistent low inventory that continues to fuel strong demand.

Understanding Absorption Rates: What They Mean for You

Absorption rate is a critical metric that measures how quickly homes are selling in a given market. It’s calculated by dividing the number of homes sold in a month by the number of homes available for sale. A balanced market typically has about 6 months of inventory. Anything under 3 months signals a seller’s market, where demand outpaces supply, often leading to quicker sales and higher prices.

Across our local towns, absorption rates consistently show between 1 to 2 months of supply. This means homes are flying off the market at a rapid pace, and buyers are eager to compete for the limited options available. Far from slowing down, the market is still very much in favor of sellers.

A Closer Look at Millburn and Short Hills: The Heart of the Market

Let’s zoom in on Millburn and Short Hills, two of the most sought-after communities in New Jersey. Here, the inventory crunch is even more pronounced:

• Only 4 homes currently listed between $1M and $1.5M
• Just 8 homes available between $1.5M and $2M
• A single listing between $2M and $2.5M
• Only 5 homes between $2.5M and $3M
• No listings between $3M and $3.5M
• 13 homes priced above $3.7M

This extremely limited supply in a high-demand market creates a unique window of opportunity for homeowners. With fewer homes to choose from, buyers are motivated to act quickly and often present stronger offers with favorable terms.

What This Means for Homeowners

If you’ve been on the fence about selling, now is the time to seriously consider your options. The current market conditions can translate into:

• Higher net proceeds from your sale
• Multiple competitive offers driving up your home’s value
• Greater negotiating power on terms such as closing dates and contingencies

In other words, limited competition means you have the upper hand.

Let’s Talk About Your Home’s Value

Every neighborhood and price point has its own dynamics, and understanding these nuances is key to making the best decision. Whether you’re curious about your home’s current market value or want to explore the selling process, I’m here to help.

Reach out for a private, confidential conversation. Call or text me directly at 973-489-8885, or connect with one of our LuxeLife Group agent partners. Together, we’ll navigate this exciting market and position you for success.

I’m Simon Westfall-Kwong with LuxeLife Real Estate Group—your trusted advisor in New Jersey’s vibrant real estate market. Let’s make your next move a winning one.

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