Market Reports • September 2, 2026

September 2026 Market Update

by Scott Gleason

The Three Buds of a Balancing Market

We have a long way to go before the market can truly be called balanced between buyers and sellers. But we are seeing signs that the fever is breaking, even as prices continue to rise and over-list sale prices remain the rule rather than the exception.

This is largely a function of supply and demand, but it also reflects the far more sophisticated approach today’s sellers bring to market. Most have learned that presentation matters — how a home looks online and how it flows during showings — and that pricing to sell, rather than pricing to leave room to negotiate, creates the FOMO that drives higher sale prices and greater leverage with the chosen buyer through to closing.

Yet we are seeing a sharp drop in showings per listing. Waiting in line to tour a home is now a rare occurrence.

Most sellers have learned that overpricing to leave “room to negotiate” only creates a slow start on the market, and a shortage of buyers with whom to negotiate. Despite that hard-won market savvy, a few still believe conditions are strong enough to turn straw into gold. They are the exceptions that soften the statistics, creating inventory buildup and opportunity for buyers.

While homes for sale are up, fewer are closing this summer than last, and the pace of that decline is accelerating month over month. New listings are climbing while closed sales are falling. That combination is the classic early signature of a market shifting from a seller’s advantage toward balance. Homes are also sitting a bit longer in several towns.

Thanks to our illustrious manager, John Bradley, who tracks both MLS-wide and in-office statistics — and our office represents roughly half of all sales and purchases across a representative sample of towns — a few signals stand out:

Multiple offers are less common
Price adjustments are more frequent
Back-on-market scenarios are on the rise

Sellers need buyers a little more than they have in a long time.

There is still a voracious appetite for properly priced, properly presented homes. Any homeowner can make the choices that lead to multiple bids and top dollar on their home. If you’re considering a move, reach out sooner rather than later for guidance on how to come out ahead.

Curious about your home’s value?

Please click below for the market update of interest to you:

Westfield by Grade School:

Scott Gleason scott@luxuryhomesnj.com

Scott Gleason, CRS at Coldwell Banker Realty, NJ Luxury Homes

Market Reports • August 2, 2026

August 2026 Market Update

by Scott Gleason

Curious about your home’s value?

Please click below for the market update of interest to you:

Westfield by Grade School:

Scott Gleason scott@luxuryhomesnj.com

Scott Gleason, CRS at Coldwell Banker Realty, NJ Luxury Homes

Market Reports • July 3, 2026

July 2026 Market Update

by Scott Gleason

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.

Curious about your home’s value?

Please click below for the market update of interest to you:

Westfield by Grade School:

Scott Gleason scott@luxuryhomesnj.com

Scott Gleason, CRS at Coldwell Banker Realty, NJ Luxury Homes

Market Reports • May 29, 2026

June 2026 Market Update

by Scott Gleason

Curious about your home’s value?

Please click below for the market update of interest to you:

Westfield by Grade School:

Scott Gleason scott@luxuryhomesnj.com

Scott Gleason, CRS at Coldwell Banker Realty, NJ Luxury Homes

Market Reports • May 1, 2026

May 2026 Market Update

by Scott Gleason

Curious about your home’s value?

Please click below for the market update of interest to you:

Westfield by Grade School:

Scott Gleason scott@luxuryhomesnj.com

Scott Gleason, CRS at Coldwell Banker Realty, NJ Luxury Homes

Market Reports • April 6, 2026

April 2026 Market Update

by Scott Gleason

Top Ten ROI choices to sell your home at a premium in our towns

Using an example price point of $1.3M–$1.7M, we are in a hyper-competitive “aspirational luxury” tier—buyers are stretching financially and emotionally.

The bar isn’t set at providing perfection everywhere, it requires strategically solving objections while amplifying emotional allure.

Here’s a clear $ vs ROI prioritization plan based on what actually drives offers. If you choose me to aid you in your sale, I will arrange and finance a staging consultation, to customize the below to your home and guide you for all selections. Between the stager and me, we will refer you to commendable vendors as needed too.

Tier 1: Do or Die/Highest ROI/Non-Negotiable)

Skipping these costs you multiples of what you save.

Full Paint Reset (Interior)

Cost: $8K–$18K ROI: 2–4x
Warm whites, soft greige, cohesive throughout
This eliminates “feels like someone else’s home.”

This alone can swing buyer perception by $50K+

Deep Clean + Light Cosmetic Refresh

Cost: $2K–$6K ROI: Massive (perception-based) Includes:
Professional cleaning (windows, grout, carpets, power washing)
Caulking, touch-ups, minor fixes
Repairing all issues buyers can find without an inspector.

Clean = “well maintained” in buyers’ minds

Professional Staging (Key Rooms Only)

Cost: $3K–$12K ROI: 3–5x Focus on:
Living room
Kitchen/family room
Primary bedroom + bathroom
One “aspirational” room (office/playroom)

At $1.5M, staging is often the difference between 1 offer vs 5.

Landscaping + Curb Appeal Reset

Cost: $5K–$15K ROI: 2–3x
Clean lines, fresh mulch, trimmed hedges
Updated entry (paint door, new hardware + lighting + mailbox)
Power washed siding, stoops and walks.
Resurfaced driveway if C+ condition or worse

Suburban family buyers decide emotionally before they walk in

Tier 2: HIGH-IMPACT UPGRADES (Selective but Powerful)

Do these only if current condition is dated or awkward.

Kitchen “Refresh” (Not gut renovation)

Cost: $10K–$20K ROI: 1.5–3x

Paint/refinish cabinets.
New hardware +faucet
Quartz countertop swap (if dated)
Modern light fixtures
Undercounter lights (cheap and magical)

Full kitchen reno rarely pays back at this tier—but perception fixes are profitable.

Bathroom Mini-Upgrades

Cost: $3K–$10K per bath ROI: 1.5–2.5x

Focus on:

New mirrors
Updated lighting
Reglazing tubs and showers
Fresh grout + caulk
Buyers don’t need “luxury spa”—they need “not a project.”

Lighting Overhaul (Underrated Leverage)

Cost: $2K–$8K ROI: 2–3x

Replace:

Builder-grade fixtures
Yellow/dim lighting
Assure the bulbs are consistent in color temperature (3000K throughout, with 3500K in kitchen and baths)

Modern lighting = instant perceived renovation

Tier 3: AVOID or BE VERY CAREFUL These are common mistakes that don’t necessarily pay off $1.5M.

Full Gut Renovations

Kitchens, baths, basements
Why: Buyers will still want their own taste
You risk over-improving for the neighborhood.

High-End Customization

Built-ins, bold design choices, luxury niches

You narrow your buyer pool instead of expanding it.

Major Systems Replacement (Unless Needed)

Roof, HVAC, etc.
Only replace if clearly failing
Will be flagged in inspection.
Otherwise: Service + document = enough

Smart Budget Allocation (Typical Scenario)

If a seller invests ~$40K–$80K total:

25% → Paint
15% → Cleaning + repairs
20% → Staging
15% → Landscaping
15% → Kitchen/bath touch-ups
10% → Lighting + misc.

This is the “sweet spot” where ROI peaks before diminishing returns.

What Actually Drives the Premium at $1.5M

In our suburbs, buyers will stretch when they feel:

“We can move in immediately.”
“This works perfectly for our kids/lifestyle.”
“We’ll lose this if we wait.”

Everything above is engineered to hit those triggers.

We’re not competing against bad homes—we’re competing against well-prepared homes that feel effortless. The winner isn’t the most renovated house.
It’s the one that feels: Cleanest. . .Brightest. . .Most functional. . .Easiest to say “yes” to!

Curious about your home’s value?

Please click below for the market update of interest to you: