Market Report · Union County NJ · 2024
Union County NJ Real Estate Market
Current market conditions, home prices, and trends for Westfield, Summit, Cranford, and Kenilworth — updated with live local intelligence from Michelle David Realty Group.
1.6 mo
Months of Inventory (County Avg.)
100.5%
List-to-Sale Price Ratio
+5.1%
Median Price YoY Change
19 days
Average Days on Market
Town-by-Town
2024 market conditions by town
Westfield
Seller's MarketMedian Price
$875,000
YoY Change
+4.2%
Avg. Days on Market
15 days
Inventory
1.4 months
List-to-Sale
101%
Multiple-offer situations remain common for homes under $900K. Well-maintained Colonials and Tudors move fastest. Downtown proximity commands a 15–20% premium.
Full Westfield Guide →Summit
Strong Seller's MarketMedian Price
$1,350,000
YoY Change
+5.1%
Avg. Days on Market
18 days
Inventory
1.2 months
List-to-Sale
102%
Summit continues to outperform neighboring towns. The Midtown Direct rail line drives premium pricing. Luxury market ($2M+) sees more negotiating room.
Full Summit Guide →Cranford
Seller's MarketMedian Price
$615,000
YoY Change
+6.8%
Avg. Days on Market
20 days
Inventory
1.8 months
List-to-Sale
100%
Cranford has been Union County's hidden value story in 2024 — strong price growth driven by buyers priced out of Westfield. Demand is accelerating.
Full Cranford Guide →Kenilworth
Moderate Seller's MarketMedian Price
$490,000
YoY Change
+5.3%
Avg. Days on Market
25 days
Inventory
2.2 months
List-to-Sale
99%
Slightly more balanced than other UC towns. Buyers have more time to negotiate and less competition. Best opportunity for move-up buyers from starter markets.
Full Kenilworth Guide →Market Indicators
Reading the market signals
Key indicators that tell you whether conditions favor buyers, sellers, or neither — and what each one means for your decision.
Inventory Level
Favors: SellersVery Low
Fewer than 2 months of supply countywide. A balanced market needs 5–6 months. Sellers hold significant leverage.
Days on Market
Favors: SellersFast (15–25 days avg.)
Homes are moving quickly. Buyers need to be pre-approved and decisive. Delayed decisions typically mean losing the home.
List-to-Sale Ratio
Favors: Sellers99–102%
Homes are selling at or above asking price. Budget for bidding wars on desirable properties, especially under $900K.
Price Appreciation
Favors: Sellers+4–7% YoY
Prices are rising faster than inflation. Waiting often costs more than it saves. Buyers who purchased in 2022–2023 have seen positive equity.
Mortgage Rates
Favors: Neutral / Buyers6.5–7.5% range
Higher rates reduce buying power. A $600K buyer at 7% qualifies for ~25% less house than at 4%. But rates are expected to decline — refinancing is always an option.
New Construction
Favors: Sellers / Long-termVery Limited
NJ's high land costs and zoning rules suppress new builds. Limited supply will continue to support prices in desirable towns like Westfield and Summit.
For Buyers
What the 2024 market means if you're buying
Get pre-approved before you look
In a sub-20-day market, you need a pre-approval letter in hand before the first showing — not after. Sellers won't wait.
Price gaps mean opportunity in Cranford & Kenilworth
Buyers priced out of Westfield are finding excellent value in Cranford — similar charm, ~$260K less in median price.
Don't wait for rates to drop
Waiting for a 1% rate drop often means paying 10% more for the house. Refinance later — prices don't come back down.
Inspection contingency is still standard
Even in a seller's market, waiving your inspection is rarely necessary or wise. Work with an agent who knows how to compete without making you vulnerable.
For Sellers
What the 2024 market means if you're selling
Pricing precisely is more important than ever
Buyers are rate-sensitive and value-savvy. Overpricing by even 5% can lead to weeks of sitting — and a stigmatized listing. Your first 7 days are your best.
Presentation drives price
In a market where buyers are stretching budgets, a professionally staged, spotlessly clean home with professional photos gets 3–7% more than the same home sold 'as is'.
Timing is a competitive advantage
Listing in March–May or September–October aligns with peak buyer activity in Union County. Summer listings face thinner buyer pools.
You have leverage — use it wisely
Multiple offers let you negotiate beyond price: closing dates, rent-back, as-is condition, waived contingencies. An experienced agent maximizes all of them.
FAQs
Market questions answered
Is Union County NJ a buyer's or seller's market in 2024?
A seller's market across all four major towns. Inventory is 1–2 months countywide (balanced = 5–6 months). Westfield and Summit see multiple offers regularly. Kenilworth offers the most buyer-friendly conditions.
What is the average home price in Union County NJ?
Varies by town: Summit ~$1.35M, Westfield ~$875K, Cranford ~$615K, Kenilworth ~$490K. County-wide median for single-family homes is approximately $725,000 in 2024.
Are NJ home prices going up in 2024?
Yes — Union County has appreciated 4–7% year-over-year in 2024. Limited inventory, strong demand from NYC buyers, and top-tier schools continue to support prices despite higher mortgage rates.
How long do homes stay on market in Westfield NJ?
Well-priced Westfield homes sell in 5–15 days with multiple offers. Average across all listings is ~15–20 days. Overpriced homes sit. Buyers need to be pre-approved and ready to move immediately.
Get a Personalized Market Analysis
Know exactly what your home is worth right now
Online estimates are often off by 10–15% in Union County's micro-markets. Michelle will give you a precise, comparable-based valuation — completely free, no obligation.
