Cranford, NJ 07016 Real Estate Market Report

Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

Market Metrics

The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

Property Taxes

Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

Market Trends & Context

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

Key Findings

1. The primary market indicator, median sold price of 684,000, signals recent transaction-level value and suggests pricing that is meaningfully below asking expectations given the median listing price of 824,000; this gap may indicate pricing friction between sellers and closed transactions in the current market.
2. Despite a reported down price year-over-year trend, the market retains momentum: the market temperature is hot, which together with a median days on market of 321 suggests slower sales velocity for higher-priced or uniquely positioned homes rather than broad demand collapse.
3. Rents are strengthening for investors: the median market rent of 2,700 and a reported up rent year-over-year trend indicate rising rental income potential, while mortgage costs remain notable at Current 30-year fixed mortgage rates in Cranford NJ are 6.53%, and interest rate pressure is elevated, which may pressure affordability for cash-constrained buyers.
4. Pricing density remains premium at the transaction level: the median price per square foot of 428 reinforces that closed sales are occurring at high per-square-foot levels, which may constrain buyer pool to those seeking premium SFR and condo product and supports pricing discipline among available listings.

Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.