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    Hi, I'm Mark Slade from Keller Williams, your local South Orange real estate expert. Let's take a closer look at how the market performed in 2024.

    We saw another increase in home prices, with the highest sale price reaching $1.9 million, up from $1.8 million in 2023. The highest list price was also notable, coming in at $1,875,000. Interestingly, this was on par with other areas.

    The percentage of homes selling above asking price is a key indicator of market health. In 2024, we saw an average sale price equivalent to 11.3% over asking. The average sale price rose by almost 10% to $1,062,329, while the average asking price grew by 7% to $954,490.

    Another positive sign was the decrease in Days On Market (DOM), which dropped to 16.6 days from last year's 20.1 days - a 17% decline. This suggests that homes are selling faster than ever before.

    Breaking down sales data further, we see that 76 out of 155 homes sold for over $1 million, and an impressive 80% of all homes sold above asking price. Only 9% sold below asking price.

    Overall, the South Orange market is extremely hot for sellers due to historically low inventory levels. If you're thinking of selling your home, now's a great time to take advantage of these conditions. Feel free to reach out to me at 917-797-5059 or text me with any questions.