During the month of April, the real estate market has become more of a seller’s market. According to the NAR, homes that are currently for sale are averaging more than 4 offers!
The real estate market in Maywood has been no different. The high volume of buyers combined with low housing inventory has led to a lot of action, and almost guarantees a bidding for any home for sale. Lets take a look at the real estate market in Maywood so see what is going on.
The average sales price for a single family home in Maywood is nearly 200,000, which is a 15.5% increase when compared to last year! With the interest rates staying low, and buyer demand remaining high, prices are predicted to only increase in the near future.
The average time a home stays on the market in Maywood is 79 days, which is down when compared to last years market time in 86, and has steadily decreased ever since Jan of this year. This further shows you how hot the real estate market has been in Maywood, with homes starting to sell in even less time.
In my experience with homes in Maywood, every home that I made an offer on sold for above listing price a few days after staying on the market! This is great news for sellers. For buyers this means that the competition is very high. If you decide you want a home, make sure you go after it, and do not hesitate!
Lets take a look at the multi family real estate market in Maywood. The average sales price of a multi unit property in April was $265,000, which is a 12% increase when compared to last year.
The average market time for a multi family unit was 154 days, which is an increase when compared to last year. When I did further research, I found a few properties that were on the market a long time because of tenants that would not move out. A lot of landlords are having problems with tenants paying rent due to COVID. However, the properties that do not have tenant issues are selling within days, just like single family homes.
Feel free to reach out to me here if you are looking to buy or sell a home. Thanks and have a great day!