Is Elmwood Park, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Elmwood Park was a Seller's Market.
Key Takeaway
Elmwood Park is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Elmwood Park, NJ
How much do homes in Elmwood Park, NJ cost?
Median Sold Price
$490,000
$327/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Elmwood Park have sold for 6.5% more than they did a year ago.
Summary: The median home sold price in Elmwood Park was $490,000 in May 2024, up 6.5% from last year, and the median price per square foot was $327.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $107.5K | N/A |
| 2 Bedrooms | $425K | $420K | -1.2% |
| 3 Bedrooms | $445K | $525K | +18.0% |
| 4 Bedrooms | $480K | $599K | +24.8% |
| 5+ Bedrooms | $475K | - | N/A |
Summary: Elmwood Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 1.2%, 3 bedroom homes increased by 18%, 4 bedroom homes increased by 24.8%, and 5+ bedroom homes did not change.
Housing Supply in Elmwood Park, NJ
How many homes are available in Elmwood Park, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 18 | 29 | +61.1% |
Summary: The Elmwood Park real estate market had 29 homes for sale in May 2024, a 61.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 3 | 2 | -33.3% |
| 3 Bedrooms | 5 | 12 | +140.0% |
| 4 Bedrooms | 6 | 8 | +33.3% |
| 5+ Bedrooms | 1 | 4 | +300.0% |
Summary: The Elmwood Park housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 33.3%, 3 bedroom homes increased by 140%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 300%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 3 | -50.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Elmwood Park, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 3 homes were sold or pending in Elmwood Park in May 2024, down by 50.0% month-over-month. Of the 3 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for Elmwood Park, NJ
How long does it take to sell a home in Elmwood Park, NJ?
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Elmwood Park are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 3 homes were sold in Elmwood Park; 33% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
