While the average sales price may be down, the market for House Flips stays strong in Metuchen
The average first quarter residential home sale in Metuchen slipped over 10%, but that didn't stop the market for flipped homes to keep on moving up and up and up.
The average "flipped" house in Metuchen sold for 41.3% more in 2017 than the average sale from the first three months of the year..
A total of 17 homes were identified as "flipped" in a review of residential sale records from 2014 through today. The study of over 460 sales from the Central Jersey MLS included first sales ranging from $190,000 to $415,000, After renovations or new construction following demolition, the resale of these properties ranged from $318,000 to $894,000.
Put another way, the average "first" sale was for $275,882 compared to the "second" sale average price of $650,512.
Sample of Flipped Homes - Before & After
Many of the transactions (if not all) were completed by investors, who see the opportunity in Metuchen to purchase homes in need of renovations. Some of these investors purchased the property for the land value, tearing down the original structure and building a new home in place of the old.
For more information, please contact us at Tress Realty Group (firstname.lastname@example.org or 732-515-9696).
Source Date: Central Jersey Multiple Listing Service (all rights reserved)
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Nestled in the middle of Middlesex County, NJ, and at the crossroads of major highways and trains, Metuchen is a family-first town with great schools and a growing downtown.