REAL ESTATE MARKET REVIEW Local
Dear Neighbor,
We’re excited to share our 10th Annual Midtown Direct Real Estate Market Review, designed to provide you, our local homeowners, with the insights you need to make informed decisions about your greatest asset: your home.
2024 will be remembered as the year of historically low inventory—just when we thought 2023 couldn’t get any lower, 2024 came in and set a new record. Two main factors drove this: 1) Move-up buyers and downsizers alike weren’t willing to lose their 3% mortgage rate; 2) Sellers were hesitant to list their home for sale without first securing their next home, and in today’s market, home sale contingencies are simply not competitive.
Across the Midtown Direct towns, limited inventory, declining sales, and strong buyer demand drove a significant increase in both the average sales price and list-to-sale price ratio. The average sales price reached $1,354,710, a 7.88% rise from last year—an impressive
SUE ADLER & SCOTT SHUMAN
jump. Additionally, the average list-to-sale price ratio is now 107%, up 2% from 2023.
Sellers in 2024 were in an enviable position, with the market doing much of the heavy lifting. But don’t be fooled—proper preparation and pricing were still crucial. Sellers and Realtors who skipped these steps and overpriced homes did themselves and their clients a disservice. In contrast, those who guided their clients through thoughtful home prep, pricing, and marketing strategies achieved the highest returns. The Sue Adler Team’s average list-to-sale price ratio was 110.72%, 3.72% more than the market average.
For many buyers, 2024 was frustrating—multiple-offer situations were commonplace, and even cash buyers still found themselves getting outbid. We found that in 2024, the top offer was the best by a good margin, meaning it took a motivated buyer who wanted that home to win. In the face of limited inventory, buyers looked to work with agents who have access to off-market properties to stay competitive and “beat” the market. Our team actively seeks out these exclusive opportunities, and in 2024 alone, we helped 30+ clients secure homes this way. We expect this trend to continue through 2025. *PRO TIP: Ask your agent how they are sourcing off-market properties for you.*
Tips for Sellers in 2025:
1) Start early: The market is stronger than ever. While no one has a crystal ball to predict the future, if you’ve been thinking of selling, now is a great time to capitalize on current market conditions.
2) Price it right: The BIGGEST mistake a seller can make is not pricing their home correctly. Buyers are motivated, but they’re also savvy. Price your home strategically to attract attention and spark multiple offers.
3) The magic is in the prep work: A pre-inspection, decluttering, painting, and staging help showcase your home in the best light, and maximize its value. Skipping
these steps could mean leaving money on the table, even in a hot market.
The Sue Adler Team specializes in helping our clients achieve the best possible results. In 2024, through our incredible team of agents and our exclusive EDGE marketing program, 101 of our 111 list-side sales sold at or above asking price, with the average home selling for $130,241 above list price. We net our clients more because we DO more. We’ve remained #1 in dollar volume sold in the entire GSMLS every year since 2013, and we’re proud to be ranked #6 globally for Keller Williams Realty. This would not be possible without our amazing clients who continue to trust us with their business and referrals. We are incredibly grateful for you!
Even if buying or selling isn’t on your horizon, we’re always here as a resource for whatever you need. We look forward to connecting with you in 2025 and wish you a wonderful year ahead!
Yours to count on,
Sue Adler Scott Shuman
Sue Adler
Scott Shuman
Homes were flying off the market in 2024, with a record average of just 22 days from listing (including attorney review, +/-3 days). This was driven largely by tight supply and high buyer demand. The best homes were gone after the first weekend, often listed by Wednesday and in attorney review with multiple offers by Tuesday. If you missed that first weekend, you were likely too late. The pace hasn’t slowed, and this trend is still going strong into 2025.
HOME SALES BY PRICE RANGE
2024 marked another record, with the highest reported average original list-to-sale price ratio at 107%. Buyers were feeling the urgency, driven by limited inventory. With so few homes available, many had to expand their search across multiple towns. In any given price range, there were often only one or two homes on the market at a time—the competition was intense. It wasn’t unusual to see 10-20 offers on a single home in 2024, and this is expected; to persist, and potentially accelerate, in 2025.
AVEREAGE SELLING PRICES
INVENTORY & SALES
In 2021, we crossed the $1,000,000 mark for the first time ever in average sale price. Now, just three years later, we’re at $1,354,710— a nearly 30% increase. Wow! Limited inventory and strong buyer demand continues to drive prices up locally, which is not the overall national trend. By March 2025, we’ve already set new records, thanks to the aggressive buyers in January and February, along with low inventory and high sale prices.
Inventory and sales dropped for the fifth consecutive year. This trend tells the story of the market—declining inventory levels restricted activity and led to fewer transactions. For context, in 2024, there were 1,465 fewer homes for sale compared to 2019. It’s important to note that this isn’t a sign of weakening demand; instead, we were facing an inventory shortage. If more homes had been listed, we would have seen more transactions.
Millburn & Short Hills
2024 HOUSING OVERVIEW
2024 HOUSING OVERVIEW
Chatham
2024 HOUSING OVERVIEW
Maplewood & South Orange
2024 HOUSING OVERVIEW
SUE ADLER TEAM*
New Providence
2024 HOUSING OVERVIEW
SUE ADLER TEAM*
112.51%
HOME PREP, STAGING, & SELLING WORKSHOPS!
Seating is limited! Choose your date (virtual or in-person) and reserve your spot now at sueadler.com/HSW.
Thinking of taking advantage of these record home sale prices but don’t know where to start? You’re not alone! Join the nearly 4,000+ past attendees, at one of our upcoming workshops.
What you’ll learn:
DECLUTTERING:
How to get rid of years of accumulated “stuff.”
MARKET ANALYSIS:
Local market trends, winning pricing strategies, and timing your sale for top dollar.
PREP & STAGING:
Proven tips to attract today’s buyers and net you the most money.
PRE-INSPECTIONS: What issues to address upfront and what to disclose “as-is” to help you bulletproof your transaction.
MARKETING:
Strategies to help buyers envision living in your home and make it stand out from the competition.
COORDINATING YOUR SALE:
How to align your sale with your next move and understand your options.
SELLING TO A BUILDER OR INVESTOR:
For an easy hassle-free sale in as-is condition.
NEW REAL ESTATE RULES:
Recent changes to the industrywhat you need to know.
Whether you’re moving this season or 2 years from now, it’s never too early to start the home prep process. Our goal is for you to walk away with a plan of action.
Seating is limited! Choose your date (virtual or in-person) and reserve your spot now at sueadler.com/HSW
Meet Your Team
We are a team of specialists, strategists, and consultants that work tirelessly for our clients to ensure that each accomplishes their real estate goals. As your trusted advisors, we provide you with the highest caliber of service in the industry.
The Sue Adler Team has been the #1 Keller Williams Team in New Jersey since 2005, and the #1 Team for Dollar Volume Production in the GSMLS since 2013.
EXECUTIVE TEAM
Sue Adler
Abby Tanzer
Amy Deuchler
Amy Miller
Christine Hunter
Christine Swanda
Scott Shuman
AGENT PARTNERS
Emma Murtha
Jennifer Miller
Josh Rosenberg
Justin Braverman
Komal Shakil
COMMUNITY OUTREACH
Amy Olsen Esposito
Heidi Ferro
Kathleen Lamendola
Michele Matsikoudis
Shawn Morgan-Smith
SCAN TO DISCOVER THE FACES AND STORIES BEHIND THE NAMES 973.949.0306 sueadler.com
Kristina McRae
Larry Chiger
Laura Norwalk Bendelius
Lee Smith
Melissa Bulwith
Alana Zuber
Amanda Karpen
Bobbie Madugula
Chris Arcadia
Jen Haney
Soomi Cho
Terry Orr
Tracy Biebelberg
Vikas Poddar
Zach Kanapkey
CLIENT SUCCESS TEAM
Kelsey Santiago
Lizzy Leighton
Max Vasyliuk
Michele Barre
Paola Palacios
Rich Peloso
Tim Caufield
Tommaso Fondi
SELLER’S CHEAT SHEET: WHAT’S HOT & WHAT’S NOT
Buyers want to envision themselves living in your home, which means neutral foundations and minimal distractions. Stick to light, airy colors for walls and floors, then add personality with accents like pillows, throws, and artwork. Less is always more when staging to sell!
HOT
› LIGHT & AIRY
A bright, open space always feels welcoming! Large windows, open layouts, and light color schemes create an inviting atmosphere for buyers
› MODERN OR TRANSITIONAL LIGHT FIXTURES
Lighting can transform a room. Go for modern or transitional designs with “warm” light bulbs to create a cozy, stylish ambiance that instantly elevates any space
› CLEAN LINES
Ditch those heavy drapes and valances! Clean, minimalistic window treatments allow natural light in, opening up the room
› NEUTRAL RUGS WITH SIMPLE PATTERNS
We totally get it—those elaborate rugs were a big investment. But when selling your home, it’s time to swap them for neutral-toned rugs with soft, subtle patterns. This small shift helps create a clean, inviting look
NOT
› CLEAN & WELL-TRIMMED LANDSCAPING
First impressions count! A well-maintained lawn, trimmed hedges, and neat garden beds make your home stand out. Curb appeal is key to attracting buyers and getting them inside
The Sue Adler
IT’S WHAT WE STAND FOR
Empower you through consultation and education so that you can make the best decisions for your family.
D
G
E
eliver on our promises. We do what we say we are going to do and are committed to providing you with the highest caliber of service.
ive back to our communities. The more people we help, the more we can give back!
arn your confidence and trust by making you feel like you are our only client.
OUR EXCLUSIVE EDGE MARKETING PROGRAM
CREATING A BRAND FOR YOUR HOME
We professionally curate content, in-house, to paint a unique picture of your home.
Expert Positioning
CASTING THE WIDEST NET
We combine traditional and innovative the most qualified buyers.
State of the Art Photography Creates a powerful first impression
Professionally Curated Narrative Showcases your home’s features and lifestyle through creative storytelling
We know exactly what makes your home special, and we create the brand for your home in the market
Floor Plan with Room Dimensions
Matterport 3D Virtual Tour
Brings buyers “from click to closing in
Community Tour Videos Provide buyers with an exclusive look into your
“Sneak Peek” Email Campaigns Create the “coming soon buzz,” and reach 35,000+ consumers and 7,800+ Realtors
Weekly Email Campaigns Reach 35,000+ consumers and 7,800+ Realtors
Community Outreach Makes 800+ calls per day to generate buyers’ interest in your home
Instagram Posts, Stories, Reels & Paid Ads
Facebook Campaigns Attract active buyers in your area
Keller Williams Intranet Email Campaigns
Team EDGE
Connecting your home to buyers’ hearts.
marketing techniques to attract
Google Advertisements & Paid Retargeting
Inside Sales Team
Prospects to generate buyers’ interest in your home
Garden State Multiple Listing Service (GSMLS)
Third-Party Sites
Syndicate listing to 100+ sites (Zillow, Realtor, Trulia, etc.)
Exclusive Zillow Showcase Partner
Elevates your home's visibility (68% more views)
PROVIDING LUXURY SERVICE AT ALL PRICE POINTS
We pride ourselves on seamless communication, doing what it takes for our clients, and delivering on our promises every step of the way, making you feel like our only seller.
Team of Specialists
Works with and for you, providing expertise at every stage
Home Preparation
Advises you on everything from pre-inspection and decluttering, to repairs
Proactive Advocacy
Bulletproofs the transaction up front and prices to create maximum interest
Seamless Communication Is our superpower
Market Expert
Positions your home competitively for market to create the most interest
Home Inspection Negotiator
Advocates on your behalf, handling every aspect from contract to close
Service Professionals
Connect you with trusted contractors, stagers, movers, attorneys, inspectors etc.
Daily Update on Comparable Homes
Lets you know where your home fits in at all times
In-Person & Virtual Showings
Realtor & Public Open Houses
Make it convenient for potential buyers to see your home without bothering their realtor
Compiled List of Feedback
Gives you unfiltered, comprehensive context surrounding interest in your home
Marketing Reports
Keep you up-to-date on marketing reach and response
Thinking about moving, but...
DETAILED PLAN
Specify tasks and projects to prepare your home based on necessity, budget, and priority level. We will work to track your progress throughout the home prep phase.
STAGING CONSULTATION
Position your home for photos and showings to attract today's buyers, maximize your sale price, and minimize your time on the market.
LIST OF REPUTABLE VENDORS
Share skilled, reasonably priced, and responsive vendors to address any necessary work to handle preemptively, rather than waiting for buyer demands once Under Contract.
PRE-INSPECTION
Connect you with a licensed home inspector for a consultation, which we will attend, review findings of, and generate a list of action items to handle before going to market.
DECLUTTERING & DESIGN TIPS
Provide assistance with decluttering to optimize your space. With our market expertise and your budget in mind, we can recommend paint colors, light fixture and accessories upgrades, and much more!
SUE ADLER TEAM EDGE IN ACTION!
Our relationship with the owners of 45 Valley View Ave began years ago when they were in the “thinking about moving” stage. We kept in touch over the years, consistently providing them with timely market data and resources. While they knew they would eventually sell, they weren’t in a rush and wanted to take their time preparing the home for the market. Our Sold On Your Time Program allowed us to partner with them and develop a game plan that enabled them to access our entire network—helping with the pre-inspection, repairs, decluttering, and painting—all on their timeline.
In the summer of 2024, after giving the outside a fresh coat of paint, we proactively took exterior photos to showcase their gorgeous greenery and gardens, knowing that early Spring of 2025 was likely their target “go live” date.
In January 2025, they decided to move forward at full speed. We shifted into gear with our EDGE Marketing Plan and crafted a beautiful digital showcase for their home. We created a state-of-the-art 3D Matterport tour, spent hours capturing breathtaking professional
photography (all done in-house), and designed a digital brochure to easily share the upcoming listing with potential buyers.
Next came the fun part—creating the “coming soon” buzz. We emailed our robust network of 7,800 realtors and over 35,000 consumers, inviting them to our upcoming open houses. The response was immediate with our phones ringing off the hook.
We listed the property on January 29th, holding both virtual and in-person open houses on Thursday, Saturday, and Sunday. On Monday, we followed up with all the Realtors who had shown the property, sending them multiple offer guidelines and outlining the seller’s preferred terms. By Tuesday, we had received FIFTEEN offers. Jen, their Sue Adler Team listing agent, reached out to the agents with the top offers to clarify any questions before presenting them to the sellers.
The best and most rewarding part of the entire process was presenting these amazing offers to our clients who had become friends over the years. They were thrilled with the offers and accepted one that was beyond their wildest dreams: $850,000 over list price!
