July 2026 Market Update

Our Towns at a Glance — 1^st half 2026 vs 1^st half 2025

The first half of 2026 demonstrates that our local housing market remains healthy and competitive.

Across the communities we serve, inventory has increased modestly, providing buyers with more options while continuing to support strong home values. Although bidding wars have become less frequent in some towns, sellers continue to benefit from limited inventory, with most communities maintaining fewer than three months of housing supply—a clear indication that sellers still hold the advantage.

Average sale prices continued to rise across much of the market, reflecting sustained demand for desirable suburban communities offering excellent schools, commuter convenience, and strong quality of life. Homes continue to sell quickly, averaging approximately three weeks on the market across our service area, while many properties still receive offers above asking price.

The market is no longer defined by urgency alone. Instead, buyers have become more selective, rewarding homes that are priced accurately and presented well. Sellers who prepare their homes thoughtfully continue to achieve outstanding results.

Key Regional Trends

Inventory has increased very slightly in many towns.
• Average sale prices continue to appreciate.
• Most towns remain strong seller’s markets.
• Buyers have more choices than last year, but competition remains healthy.
• Proper pricing has become increasingly important.

What the Numbers Tell Us

Looking across all fifteen communities reveals several clear patterns.

The most expensive towns—including Millburn/Short Hills, Summit, Chatham Madison and Westfield—are not taking longer to sell. In fact, most of these luxury markets continue to report marketing times of less than one month, demonstrating sustained demand from move-up and relocation buyers.

At the same time, communities with greater inventory growth, such as Mountainside and Fanwood, have experienced slightly longer marketing times, giving buyers more opportunities to negotiate than they had during 2025.

Perhaps the most encouraging trend is that higher inventory has not translated into declining home values. Instead, increased supply has simply created a healthier marketplace where buyers have more choices while sellers continue to benefit from historically low months of supply.

Across nearly every community, homes continue selling at or above list price, confirming that properly priced homes remain highly desirable despite a more balanced market.

Market Highlights by Community

Berkeley Heights

Inventory increased while home prices continued to strengthen. Homes are taking slightly longer to sell than last year, but demand remains healthy and the market continues to favor sellers.

Chatham Borough

Inventory remains extremely limited, supporting continued appreciation. Homes are selling quickly and buyers continue competing aggressively for desirable properties.

Chatham Township

Inventory has improved over last year, giving buyers additional options. Average sale prices remain among the highest in the region while marketing times have shortened.

Clark

The market remains remarkably stable with modest price appreciation, steady inventory and consistent marketing times. Clark continues to offer strong value within Union County.

Cranford

One of the strongest-performing markets in our area. Sales activity increased while inventory remained exceptionally tight, allowing sellers to maintain strong negotiating leverage.

Fanwood

Inventory increased significantly compared to last year, creating a more balanced environment. Homes continue selling above asking price, although buyers now have more opportunities than in 2025.

Garwood

Perhaps the biggest improvement in market balance. Sales volume increased substantially while months of supply declined dramatically, signaling renewed buyer demand.

Madison

Higher inventory has not slowed appreciation. Madison continues to attract buyers seeking walkable neighborhoods, excellent schools and commuter access.

Maplewood

One of the strongest appreciation stories of 2026. Average sale prices increased significantly while homes sold even faster than last year. Buyer demand remains exceptionally strong.

Millburn / Short Hills

Luxury demand remains extremely healthy. Despite average sale prices exceeding $2.4 million, homes continue selling in just over three weeks. This demonstrates remarkable strength in the high-end market.

Mountainside

Inventory increased substantially, creating one of the most balanced markets among our towns. Buyers have more negotiating power than they did last year, although pricing has remained relatively stable.

New Providence

A standout performer in 2026. Sale prices increased significantly (+20%) while days on market declined slightly. Buyers continue competing for well-prepared homes.

Scotch Plains

Inventory increased while prices remained strong. Marketing times lengthened only slightly, indicating continued buyer confidence despite greater selection.

Summit

One of the area’s premier luxury markets continues to perform exceptionally well. Limited inventory and strong demand have supported high prices despite a modest slowdown in sales volume.

Westfield

Westfield remains one of the region’s most active markets. Home values continued to rise while inventory remained constrained enough to support strong seller leverage throughout the first half of the year.

Outlook for the Remainder of 2026

As we move through the second half of the year, the market appears poised for continued stability rather than dramatic change.

Interest rates remain an important factor affecting affordability, yet limited housing inventory continues to support home values throughout our service area. Unless inventory rises substantially, sellers should continue benefiting from favorable market conditions.

For buyers, today’s market offers marginially greater opportunity than the highly competitive environment of 2025. More inventory means additional choices, more time to evaluate homes, and improved negotiating opportunities—without sacrificing long-term value. Be aware, the yummiest homes on the market continue to sell in ultra-competitive scenarios.

For sellers, preparation and pricing have become more important than ever. Homes that are professionally marketed, priced appropriately and presented in excellent condition continue to sell quickly and often command premium prices.

Bottom Line

The 2026 market represents a healthier, more sustainable version of last year’s exceptionally competitive environment. Buyers enjoy greater choice, sellers continue to benefit from strong demand, and nearly every community we serve remains fundamentally positioned for long-term strength.

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