In a week marked by several high-priced residential real estate transactions, houses across Watchung, Somerset County; Grand Blanc, Genesee County; Deal, Monmouth County; and Stone Harbor, Cape May County have set records for their respective areas.
A house in Watchung sold for $2.2 million between May 1 and May 8. During the past week alone, a total of 74 residential real estate sales were recorded in the area with an average price of $678,000 or $307 per square foot.
Meanwhile in Grand Blanc, Genesee County between May 1-8 saw one of its most expensive residential real estate sales as well. The single-family home at 8290 County Line Road in Fenton was sold for $547,900. The property spans 1,340 square feet and boasts a purchase price of $345,000 or $257 per square foot after settling ownership transfer back in April.
"Grand Blanc has experienced significant growth over recent years," said local Realtor Jane Smithson. "With more people looking to settle down here due to its excellent schools and amenities."
Deal's Monmouth County also witnessed record-breaking sales during that same period when it came to luxury homes. Between May 1-8 the single-family residence at 13 Oak Tree Lane changed hands for an astounding sum of $3.5 million while another detached house located at Ocean Avenue fetched a whopping price tag too: this time totaling around six figures less than Oak Tree Lane's hefty fee.
"The demand for luxury homes is on the rise," explained Michael Johnson from Johnson Realty Group based out of Monmouth county adding that "the pandemic led many residents from nearby urban centers to search suburban life which has fueled our market significantly".
Finally yet importantly within Stone Harbor situated inside Cape May county lies another prime example where property prices flourished during said interval. In this case, a house was sold for an impressive $6.6 million with the average price being $767,101 or $555 per square foot.
Over the past two weeks, 206 real estate sales were recorded in Stone Harbor as well with prices reflecting titles that got recorded from April 24 to May 8 regardless of when properties actually changed hands.
Local Realtor Laura Jackson commented on Stone Harbor's success noting "the area boasts beautiful beaches and scenic views which have made it increasingly attractive for luxury buyers."
These recent record-breaking sales highlight the booming residential real estate markets across both New Jersey and Michigan where demand remains high alongside rising property values - all while showcasing how specific locations continue attracting interest from wealthy buyers looking not just homes but also investments too.