If you’ve been following the national housing headlines, you might think the housing market is finally losing momentum. Rising mortgage rates, increasing inventory, and slower price growth have certainly cooled many parts of the country.
But Montclair continues to write its own story.
Over the past 12 months, the median sale price of a single-family home in Montclair has climbed from approximately $1.31 million to $1.66 million—an increase of nearly 27%. Nationally, home prices have appreciated by only a small fraction of that over the same period, making Montclair one of the strongest-performing housing markets in our region.
What does that mean for homeowners?
Quite simply, many Montclair homeowners have built substantial equity in a relatively short period. A home worth the town’s median value a year ago has, on average, gained approximately $350,000 in value over the past 12 months alone. While every property is unique, it’s a remarkable reminder of how much wealth can be created through homeownership in a strong local market.
The spring market also demonstrated that buyer demand remains exceptionally resilient.
In June, Montclair homes sold in an average of just 15 days, while sellers received an average of 127% of their list price. Three-bedroom homes averaged 133% of asking price, four-bedroom homes averaged 134%, and even luxury homes with five or more bedrooms sold for an impressive 125% of asking.
Those aren’t just impressive statistics, they tell us something important about today’s market.
Buyers are still competing aggressively, but they have become more selective. The homes generating multiple offers are those that have been thoughtfully prepared, strategically priced, professionally staged, and expertly marketed from day one. Meanwhile, homes that miss the mark on presentation or pricing are taking longer to sell than they did a year ago.
The market hasn’t cooled, it has become smarter.
As you read this in early September, we’re entering what has traditionally been Montclair’s second busy selling season. After the slower pace of July and August, many buyers return to the market with renewed urgency, hoping to secure a home before the holidays and the end of the year. Inventory also tends to remain relatively limited, which can continue to support strong pricing for well-positioned homes.
If you’ve been wondering whether now might be the right time to sell, or you’re simply curious about how much equity you’ve built, this is an excellent time to find out. I’d be happy to provide a complimentary, no-obligation home valuation based on today’s market conditions. Many homeowners are surprised to discover just how much their property has appreciated over the past few years, and having an accurate understanding of your home’s value can help you make informed decisions, whether you’re planning to move now or simply planning ahead.
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