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Sat, Sep

Lake Hopatcong Region Real Estate – Is your Home Increasing or Decreasing in Value?

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Our annual check of how Real Estate is fairing in our Regional Lake area, holds only good news if you are living in Mount Arlington. But according to RE/MAX they see everything trending into the positive territory.

Home Prices:

As we check the Median (Average) Home Prices, all areas stayed flat or dropped except for Mount Arlington which saw a major increase of a 33% increase in home values over the last year. The largest loss happened in Hopatcong, which saw their prices decrease by 14%.

Remember, the National average home price increased by 7% over the last year.

Area

Apr 2014

May 2017

% Change

Hopatcong

$218,000

$188,000

-13.8%

Lake Hopatcong

$298,000

$298,000

Flat

Landing

$248,000

$218,000

-12.9%

Mount Arlington

$308,000

$382,000

+24%

Median Home Prices per Realitor.com (Based upon Sales)

Average Days on the Market:

The silver lining may be that all four major regional lake areas saw a BIG decrease in the number of days that the home sat on the market before it was sold. In the past these numbers were well over 100 days.

Area

Days on Market

3 Year Change

Hopatcong

65 Days

+ 166%

Lake Hopatcong

60 Days

+ 180%

Landing

32 Days

+ 300%

Mount Arlington

76 Days

+ 11.7%

Average Days on Market per Realitor.com during the same three-year period.

Average School Rating:

  • Hopatcong: 4.5 of 5
  • Lake Hopatcong:  4 of 5
  • Landing: 3.5 of 5
  • Mount Arlington: 3.5 of 5

What RE/MAX is seeing in the area:

AmyAmy Breault an experienced realtor for our area provided her following evaluation of Real Estate in our area.

“Everything we see is trending up as the foreclosures and short sales are gone and people are buying. Different than your numbers above, we don’t see the trends going down but rather up in all areas around the lake.”

While Hopatcong were down for a while, we are seeing those pricing coming back up. And overall, the good news is that on the homes for sale we are seeing multiple offers, and in many cases, offers are over the asking price. Which once again indicates we are in a positive area for future real estate value increases.

AmyBreaultRealtor@gmail.com

 

 

 

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