Photo Credit: NJMLS
The Montclair housing market has been on fire for years — bidding wars, waived inspections, and homes flying off the market in a single weekend. But lately? Things are starting to shift.
For years, Montclair’s housing market has been defined by speed, competition, and sky-high offers. Homes listed on Thursday would be under contract by Monday. Bidding wars were the norm. Buyers waived inspections, offered heartfelt letters, and threw in perks to get their foot in the door. But recently, something has shifted.
In the latest episode of The Montclair Pod, we took a closer look at the current state of real estate in town. We spoke with longtime agent Karin Diana about what she’s seeing in the market, and heard from co-host Ali Privitera about her own home-selling experience. We shared the perspective of a local renter navigating the town’s competitive rental scene. We also met with Montclair designer Sarah Elizabeth to discuss how families invest in their homes amid the economic uncertainty.
A Noticeable Shift
Karin Diana, a Montclair resident and real estate agent with Compass, says the market is softening subtly, but noticeably. “Houses that should’ve gotten multiple offers weekend one were sitting for a second weekend,” she said. Even homes in prime locations that would’ve sparked frenzies a year ago are now getting fewer bids, and often not at the jaw-dropping prices sellers have expected.
So what’s behind the shift? Diana points to a combination of rising interest rates and stock market volatility. Entry-level buyers are increasingly sensitive to interest rate fluctuations, while higher-end buyers—those shopping at the $2 million mark and up—are keeping a close eye on their investment portfolios. Across the board, buyers are more cautious. “There’s just less desperation,” she said. “And without that desperation, we’re seeing fewer outlier bids.”
That’s not to say Montclair is suddenly a buyer’s market. Properties are still selling well, just with a bit more deliberation and a bit less frenzy. Homes are landing closer to their actual value, and multiple offers are still common, just not guaranteed.
Houses that should’ve gotten multiple offers weekend one were sitting for a second weekend — even in premium locations.
Karin diana – compass real estate
Ali’s Big Move (and What It Was Really Like to Sell)
Co-host Ali Privitera shared that her family recently made the decision to leave Montclair after ten years and relocate to Colorado. Selling their home here gave her a front-row seat to the market’s current reality. “We listed at $899,000,” she said. “We had a healthy number of offers and ultimately accepted one for $1.35 million.” That’s still well over asking, but she noted that the ultra-aggressive, no-holds-barred offers that defined the pandemic housing boom were largely absent.
While summer jobs are harder to come by for teens this year, Carla Osbourne, a junior at Montclair High School, is proof that persistence—and planning—can pay off. After working at soccer camps in the past, Carla wanted something that would push her out of her comfort zone and help her build experience interacting with customers and adults. So back in the fall, she set her sights on a job in Montclair’s bustling restaurant scene.
Selling a home is rarely just a financial decision, and Ali’s move came with plenty of emotion. The family had spent a decade in their Montclair home, and the experience of packing up and moving on was both exciting and bittersweet. She offered a valuable piece of advice for homeowners who may be sitting on potential upgrades: “Do the work you want to do while you’re still living there,” she said. “Enjoy it. Don’t wait until it’s time to sell.”
The Benefits of Renting
While homeowners may be watching the market with curiosity—or concern—renters in Montclair are experiencing their own set of challenges – and benefits.
We spoke with Elizabeth Cronise McLaughlin, a recent arrival to town who found herself facing bidding wars on rental properties, a phenomenon that might’ve seemed unheard of just a few years ago. Originally from Southern California by way of Brooklyn, Elizabeth said that although finding a rental was difficult, she’s found community and connection as a renter in Montclair.
In her multi-family building downtown, neighbors cook for each other and pop in unannounced. “There’s a real sense of belonging here,” she said, adding that many renters she knows have been in their homes for years—and aren’t looking to leave anytime soon.
Design on a Budget
And what about the people choosing to stay put and invest in the homes they already have? That’s where designer Sarah Elizabeth comes in. Based in Montclair, Sarah Elizabeth has worked with families for over 15 years to transform their homes into beautiful, functional spaces that reflect real life. Lately, as interest rates and uncertainty keep more families rooted in place, her work has only become more relevant.
In our conversation, Sarah Elizabeth emphasized the value of timeless design and livability. Her clients are often families with children and pets, people who want a home that looks beautiful but can withstand daily life. Renovating doesn’t have to mean blowing out walls or redoing the entire house, she said. Even minor updates—like a refreshed entryway or a more functional kitchen nook—can make a big difference, especially when approached with creativity and a realistic budget.
[Disclosure: Sarah Elizabeth is a brand partner with The Montclair Pod.]
To hear all the stories, insights, and a few laughs along the way, subscribe to The Montclair Pod, available on Apple, Spotify.
