Scotch Plains Real Estate By The Numbers - updated to 2024
Real estate report by certified local appraiser
Are you interested in learning about the current local real estate market or perhaps considering moving to or leaving Scotch Plains? The information below can be helpful for your own knowledge or with making decisions.
Over the past few years since the pandemic, property values have skyrocketed. Demand was fierce and while it still remains strong, it is the lack of inventory on the market that has helped to keep property values high.
Scotch Plains in Union County, NJ has approximately 24,000 residents and 8,350 households in its 9 square miles. Some people are not aware that Scotch Plains actually goes north of Route 22 into the Watchung Reservation.
Scotch Plains Real Estate Market Stats 2024
The average priced home in Scotch Plains in the last 12 months was $867,443.
There were 251 sales that range between $230,000 to $2,199,000.
The range of current listings are $475,000 to $1,999,000 with 18 homes on the market right now (that’s incredibly low) and 29 under contract.
In the past 12 months the average sale price to list price ratio was 104%. This means buyers on average paid 4% above 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.
Scotch Plains NJ real estate data from 12-2023. Data derived from the GSMLS.
Scotch Plains Market data 2023
The data above shows the market over the past 12 months. The median sale price peaks in the summer. This is because many of the homes that went under contract in the later spring close in the summer. Many buyers also want to move before the start of the school year in September so there is a push for that as well. The days on the market range from 16-22 on average. This is extremely low and shows the high demand and how it is still considered a seller’s market.
Below is a graph showing Scotch Plains over the course of the past year. The red line shows the median price of the sold properties. It is always quite “jumpy” throughout the year and this is why I never compare just one month to another. The data set is not large enough and can skew results.
Scotch Plains Median Sale Price 2023
South Side and North Side; Scotch Plains
For those that are not familiar, the train tracks divide the North and South side of town. The South side has easier access to the Garden State Parkway, Ponderosa Park and Shackamaxon Country Club. The North side has easier access to Route 22, the downtown area on Park Avenue, and the Scotch Plains/Fanwood High School.
As a Scotch Plains 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 tend to use comparables on the south side. If the subject property were between North Avenue and Route 22, I would use comparables on the north side. If the subject was north of Route 22, I would try to stay in that area, however this section has the least amount of homes and therefore, staying within that area is sometimes more challenging.
North Side Median Sale Price – $640,000
South Side Median Sale Price – $1,015,000
This difference is due to the south side having larger lot sizes and home square footage on average.
Scotch Plains, NJ Revaluation and property taxes
According to the NJ Division of Taxation, Scotch Plains is on the list of towns that has not gone through a revaluation in over 10 years. In fact, it has been 38 years since the last revaluation. It will likely happen in the next year or two. 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 New Jersey towns that recently went through a revaluation: Westfield, Millburn, Maplewood, and South Orange.
I have lived in the Scotch Plains/Westfield area since 2005 and spent 6 years residing in town as a Scotch Plains real estate appraiser. I am familiar with the market. If you are in need of an appraisal and want to make informed decisions, please reach out.