February 11, 2025 - 14:24
The New Providence real estate market is experiencing notable changes as recent data reveals a significant decline in active listings and properties under contract. Currently, there are only 4 active listings, a decrease of 42.9% compared to the 7 available in 2024. Similarly, the number of properties under contract has also dropped, with only 7 homes currently in this status, reflecting a 41.7% decline from the previous year's 12.
In contrast, the market has seen a surge in units sold, with 12 transactions recorded this year, marking a substantial increase of 71.4% compared to just 7 units sold in 2024. This rise in sales activity suggests a strong demand for properties, despite the lower inventory levels.
The average list price has also shifted significantly, now standing at $939,917, which is a considerable increase from the previous average of $668,971. This price hike indicates a growing market interest and potential appreciation in property values within New Providence.
