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You are here: Home / Westfield NJ Market Reports / What to Expect in the 2017 Westfield Area Real Estate Market

What to Expect in the 2017 Westfield Area Real Estate Market

January 20, 2017 by Scott Gleason

More Millenials hit the 2017 Westfield area real estate market. They are looking for smaller, energy efficient homes with luxury finishes and good "walkability".A new year, a new administration.  Our 45th president, a man who made the bulk of his fortune in real estate, was inaugurated today.  I think it is the perfect time to examine what we can expect in the 2017 Westfield Area real estate market.

Top Projected Trends in the 2017 Westfield Area Real Estate Market

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Transportation is Important – The first trend we expect to see in the 2017 Westfield area real estate market is that it must be conveniently located near public transportation.  Many Westfield area residents work in NYC.  They need easy access to and from the City.  Transit villages have quickly become a reality along the Raritan Line.  Retail businesses may start to fade in some towns.  However, entertainment, restaurants and service-related businesses will come to the forefront.

Construction’s Upward Expansion – Buyers want “walkability”.  They want to live, eat, shop and play within a reasonable walking distance.  This also includes the ability to walk to their workday commute.  The demand for a more “walkable” lifestyle forces builders in the downtown area to increase construction of multi-story attached residential units.

Millennial Buyers – One major trend in the 2017 Westfield area real estate market will be the influence of Millennials.  They will be the largest portion of the home buying public this year.  Therefore, one of the 2017 Westfield area real estate market trends you can expect to see is an increase in demand for starter homes.  Millennials are also looking for more green, energy-efficient and sustainable features in their properties.

Size, Luxury and Sustainability – Millennials aren’t the only ones interested in “going green”.  Smart homes have seen a rise in popularity among all Buyers across the board.  While younger Buyers might shy away from the “McMansions” of their parents’ day, they are looking for luxury features and finishes in a tinier footprint.

Prices and Interest Rates on the Rise – The Federal Reserve increased interest rates late last year.  Experts predict several more increases in 2017.  A healthy demand for luxury Westfield homes creates higher prices.  As prices go up, Buyers tend to feel more secure about investing their money into a home.  This could also inspire current Westfield luxury home owners to cash in on their properties and trade up in the market.

Please click below for the market update of interest to you:

Cranford
Fanwood/Scotch Plains
Mountainside
Summit
Warren/Watchung

Westfield by Grade School:

Franklin
Jefferson
McKinley
Tamaques
Washington
Wilson

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Filed Under: Westfield NJ Market Reports Tagged With: 2017 westfield area real estate market, westfield area real estate, westfield luxury market, westfield market trends, westfield real estate

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Scott Gleason

Luxury Homes for Sale in Westfield, New Jersey

Coldwell Banker Realty - East

Westfield Area Luxury Homes

209 Central Avenue
Westfield, NJ 07090
908-233-5555 Office
908-698-2630 Mobile/Direct
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Scott Gleason

Coldwell Banker - East

Luxury Homes for Sale

in Westfield, New Jersey

908-233-5555 Office
908-698-2630 Mobile/Direct

Send an Email to Scott

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