From January to April of 2020, multi-family prices continued to rise in Essex County compared to past years. In some markets, there were fewer listings available, which likely caused the increase in prices compared to last year. Although the Coronavirus pandemic and business restrictions began in late March, closings continuedthrough April with strong numbers.
The selling price of 2-family properties rose by roughly 12% with properties going under agreement 10 days soonerthan the same timeframe of 2019. 3-unit properties had a more modest gain of less than 8% and taking a little bit longerto sell than in the past. The average price of 4-unit properties rose over 11% but are receiving offers in 20 days (on average) compared to 47 days in 2019. Although marketing times vary by property type, sale prices are consistently higher
across all categories.