The real estate market in Westfield has adjusted in a similar fashion to surrounding towns, with prices easing off historic highs from one year ago. There are currently 176 single family homes and 3 multi family homes on the market for sale. These numbers have stayed relatively stable over the past few months, with an equal number of sales and new listings. Inventory levels are much higher than before, giving buyers more options when selecting a home.
Although prices and demand in general have trended lower, Westfield still remains an appealing option for many buyers, which has enabled homes to sell quickly if they are priced properly. Multiple offers are still a possiblity for competetively priced homes.
I expect this slight price softening trend to continue for the next several months, with buyers willing to pay a fair price for homes, and disregarding homes that are priced considerably above market value.
There were 23 properties that closed in November in Westfield, the average selling price was $785,930 and the average days on market was 97. (according to Garden State MLS Statistics)
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