Forest Hill Real Estate Market: 2014 Recap and Forecast

forest hill, historic, newark, newark, nj.

Ballantine Gate, a magnificent portal to the renowned Branchbrook Park, and a well-known landmark of the Historic, Forest Hill Section of Newark.

Year-over-year, single family homes sales in 07104 rose 36% in 2014 to a total of 61 homes sold. During the same period, more than a third of homes that sold went under contract within 60 days of being offered for sale, and 30 percent of buyers paid original list price or more, the latter setting a 4-year high. These most-recent sales figures, in combination with the economic growth of downtown Newark, an increasingly robust national economy, and the continued influence of low interest rates, point to a good home-selling market in 2015.

The same can be said for the Forest Hill historic section of 07104, which, for the purposes of this report, encompasses all single family homes from Lake Street to Mount Prospect and from 2nd Avenue to Heller Parkway. In this special piece of geography, single family home sales rose 60% (19 homes sold versus 12 in 2013), with average sale prices rising to a 4-year high of nearly $280,000.

If you have thought about selling your home, this information should come as good news. However, a successful home marketing plan in Forest Hill still requires some serious evangelizing; after all, for most buyers, Forest Hill is not top of mind. This is where I come in. Along with professional photography and virtual tours, I write well-thought-out listing copy, host regular open houses for both brokers and buyers, conduct an aggressive social media program, and use strategically placed advertising to reach key target audiences.

It would give me great pleasure to represent your real estate interests in 2015.

Call me any time at (973) 865-1863
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Categories: All Posts, Newark, Residential

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