Updated: Jan 2018
How well do you know the current Cranford real estate market? The information below can be helpful for your own knowledge or with making decisions if you are considering moving into or out of Cranford. I have spent the last 13 years as a local certified licensed appraiser to the Cranford market having lived in the neighboring towns of Scotch Plains and Westfield. Over that time, I have seen the downtown area of Cranford grow and become more desirable, especially to the younger population coming from Hoboken and New York City. Hopefully one day the home values will increase due to a planned direct train to the city during peak commuting hours.
Cranford in Union County, NJ has approximately 23,000 residents and 8,600 households in its 4.9 square miles.
The average priced home in Cranford in the last 12 months was $485,212.
There were 272 sales that range between $155,000 to $1,167,000.
The range of current listings are $167,500 to $1,110,000 with 28 homes on the market right now and 23 under contract.
In the past 12 months the average sale price to list price ratio was 99% and this was fairly consistent throughout the year. This means buyers on average were able to negotiate a 1% reduction off the list price. If you know anyone looking to purchase a home, you can let them know this statistic as a way to gauge their offering price. However, if there are multiple bids on the property, then bid as you see fit.
Cranford NJ real estate data: 01-2017 to 12-2017. Data derived from GSMLS.
The data above shows the active listings in the past 12 months. The highest number of listings came on during the Spring (right # column is new listings, left # column is existing active listings). This is typically when the real estate market is most active. November-January had the lowest inventory which may be a good opportunity to buy as most people take a break from looking to purchase a home.
Below you can see that homes went under contract after being on the market for 39 days, on average. This is relatively low and if you see a home sitting on the market much longer than that without a price change, it could tell you that it may be listed too high which could present an opportunity to negotiate or wait for a price reduction.
For those that are not familiar, the train tracks divide the North and South side of town. Both sides have easy access to the Garden State Parkway (GSP). The North side has easier access to Route 22 and Nomahegan Park while the South side has easier access to Clark Commons shopping center and the Hyatt Hills Golf Course.
As a Cranford appraiser and being familiar with the town, I understand that location is important. Typically, in researching comparable sales to determine a fair market value, if the subject property were located on the south side, I would strive to use comparable sales on the south side and conversely, I would use comparable sales on the north side if the subject was on the north side.
North Side Median Sale Price – $495,000
South Side Median Sale Price – $440,000
This value spread of $55,000 is tighter as compared to the differences of sides in neighboring towns such as Westfield and Scotch Plains. The difference may be attributable to slightly larger homes and lot sizes on average, on the North side.
For existing homeowners looking to potentially lower their taxes or for potential homeowners looking to purchase in Cranford, we can review your home to see if you are eligible for a tax appeal. If you have any concern about your property taxes, please give us a call at 908-233-1337. We have a very high success rate handling tax appeals representing homeowners in Cranford. With new tax laws changing, it is difficult to predict exactly how it will affect the real estate market. There has been no observable change yet.
American Realty Appraisals has become a leading real estate appraisal company in New Jersey by delivering accurate appraisals with great customer service and quick turn times. We perform appraisals for purchasing/selling, divorce, estate planning, tax appeals, refinancing and more. With experience in the appraisal field for the past 15 years, we have seen the real estate bubble both rise and fall and have gained the expertise to determine fair market valuation.
Call us at 908-233-1337 for any real estate appraisal needs.
Evan from American Realty Appraisals came out to our home last spring to conduct a home appraisal in support of our property tax appeal. He arrived promptly at the agreed time, was very professional and conducted a thorough walk through. We were very satisfied with the results of his appraisal - they were well-researched and accurately captured the features of the home. His appraisal proved to be a crucial element in a very successful tax appeal. I would gladly recommend his services to others.
I was extremely pleased in my experience with American Realty Appraisals. Evan was very knowledgeable and was happy to answer any questions I had. His appraisal was useful in our being able to successfully appeal our taxes. It was worth every penny. He also shared some suggestions on how to shore up insulation efficiency around the house. 5 Star service. thanks!
Evan was extremely helpful in our obtaining a favorable result from our tax appeal and I highly recommend his services
If you want the Do's and Dont's. I would say DO use Evan. It was a very smooth and easy process. He worked around my schedule. His turnaround time was very impressive. Price: He was in line with the other quotes I received. And you DON'T need to worry. I will recommend him and use him again
Prepared the documents to submit for a tax appeal and accompanied me to the tax appeal hearing to present my case. I have used American Realty Appraisals twice and have won my tax appeal each time.
I was appealing my real estate taxes and American Reality did an appraisal on my home. The appraisal went well and as a result the tax appeal was successful and our real estate taxes were lowered.
I was ignoring go through Tax appeal process because I thought it was so cumbersome with very little chance of winning. In this process, I used Evan for a tax appeal. Not only we won but it was very easy and simple process between him and the lawyer. I highly recommend to use Evan, he knows what he is doing!
The tax appeal through you and Lisa Walsh was successful, and you may use me as a reference any time in the future
Evan was great. He was instrumental in helping me to appropriately lower my taxes via an accurate appraisal. I highly recommend his services to anyone in need of an appraisal in NJ.
When the interest rates dropped last year, I decided that it was a good idea to refinance my mortgage. I was recommended to American Realty Appraisals by my mortgage company. They were affordable, expedient, and ultimately put together a very comprehensive report with figures, photos, and local comps. I would highly recommend them to anyone looking for a professional and honest appraisal company.
Evan and his team at American Realty Appraisals are simply the best at what they do. As a mortgage banking professional, I have worked with dozens of appraisal firms over the years and I continually return to American Realty Appraisals when I can for their expert advice and service. I would highly recommend them if you are an individual looking to have your home appraised, or a banker looking to add a high quality appraisal firm to your list of approved appraisers.
Before I went to list my home, I hired Evan at American Realty Appraisals. I wanted an unbiased opinion of what my home was worth. He provided a thorough report that gave me piece of mind and a leg to stand on when it comes time to negotiate. I was also pleased with how fast he turned the report around after the inspection.
I am an attorney in Westfield and I refer all of my clients to American Realty Appraisals. I have worked closely with Evan Siegel for the past two years and I have been impressed with his professionalism, integrity and expertise as an appraiser. Relying on his appraisals, I have been able to negotiate property tax reductions for numerous clients in Union County. I highly recommend American Realty Appraisals for all of your residential real estate appraisal needs.
ARA did a great job of handling my tax appeal. The guidance was spot on and the staff, specifically, Evan Siegel, was professional and knowledgeable. The outcome was excellent and I'm saving a good amount of money on my real estate taxes. Thanks ARA!!
I used Evan for a tax appeal project. It was a seamless operation between him and the lawyer. Zero blips, and we won.
Mr. Siegel performed an appraisal for my home for tax appeal purposes. He was very professional and helped me lower my taxes by 17%. I am quite satisfied with his work.
Highly recommend. Excellent service, professional, prompt. Great result