Judith Sutton ABR CRS IDS PMN ASP IAHSP SRES GREEN
Judy@JudithSutton.com 908 803-0472
EXPECT MORE
Home Ownership: What Changes to expect in 2025
The real estate market in the Somerset Hills area is poised for significant changes due to economic conditions, demographic shifts, and ever evolving buyer preferences. Understanding these trends will be key to navigating the market effectively.
There is a rising demand for suburban living
The suburb appeal remains strong in Morris, Somerset, and Hunterdon counties driven by its proximity to the City, top-rated schools, and abundant green spaces.
Work styles and trends still reflect families and professionals to prioritize larger homes, outdoor amenities, and quiet neighborhoods. Towns like Tewkesbury, Morristown, Madison, Mendham, Randolph, Basking Ridge and Bernardsville expect to see steady demand.
Inventory Challenges
Tight inventory has been a hallmark in the real estate market most recently, and this year may not see significant relief. While new construction projects are in the pipeline, they may not fully offset the gap between supply and demand. Sellers could continue to benefit from competitive offers, but buyers may face higher prices and bidding wars. A seasoned Realtor, acting in your best interests, is best equipped to negotiate for you in your behalf.
Price Stabilization and Affordability Concerns
Home prices have soared in the past few years, but 2025 could bring about a gradual stabilization. With rising mortgage rates and affordability concerns, demand might be slightly tempered. Our area, as a premium marketplace is expected to remain resilient. This is due to it’s desirable location lifestyle offerings.
Interest Rates
Interest rates are expected to remain high, while the Fed manages inflation. This will keep buyers cautious about making a move. Sellers who understand how higher rates effect the sale of their home, will be careful when pricing competitively.
Sustainability and Energy Efficiency
GREEN features are becoming a priority for buyers. Energy efficient appliances and sustainable building materials remain important; and homeowners investing in upgrades enhancing energy efficiency could see higher returns on their home.
Technology in Real Estate Transactions
Expect to see a greater reliance on tech innovations to enhance the buying and selling experience. Choose a representative who can market your home using the newest tools.
Adaption to Local Zoning Regulations
Changes in local zoning laws and regulations happen often. Make sure your Realtor® representative stays informed about municipal updates and can identify opportunities and potential challenges.
What happens next?
Stay informed with the former years’ data. In Mendham and Chester the median home sale price rose by 8% and 10% compared to 2023. The average days on market decreased to 45 days, indicating robust buyer interest.
Higher-end properties above $1.5M saw increased activity indicating the demand for luxury homes in it this area, and suggests that the trend will remain high.
The Somerset Hills area continues to be in high demand. Stay informed by staying in contact with your trusted Realtor® guiding you in the most professional advice; critical in making a smart decision.
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Judy@JudithSutton.com
COLDWELL BANKER...GUIDING PEOPLE HOME SINCE 1906
908 803-0472
"...the right relationship means everything..."
SERVING THE SOMERSET HILLS AREA ONE CLIENT AT A TIME
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since 1983