Is Verona, 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, Verona was a Buyer's Market.
Key Takeaway
Verona is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Verona, NJ
How much do homes in Verona, NJ cost?
Median Sold Price
$665,000
-
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Verona have sold for 11.8% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $239K | $271.5K | +13.6% |
| 2 Bedrooms | $465K | $565K | +21.5% |
| 3 Bedrooms | $595.5K | $690.5K | +16.0% |
| 4 Bedrooms | $750K | $825K | +10.0% |
| 5+ Bedrooms | $925K | $1.0M | +9.5% |
Summary: Verona housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.6%, 2 bedroom homes increased by 21.5%, 3 bedroom homes increased by 16%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 9.5%.
Median Sold Price Compared To Nearby Cities
| Essex Fells | $892K | $1.3M | +48.5% |
| Montclair | $998.1K | $1.1M | +18.7% |
| Montclair Township | $999.4K | $1.1M | +18.6% |
| Verona | $595K | $665K | +11.8% |
| Verona Township | $595K | $665K | +11.8% |
Housing Supply in Verona, NJ
How many homes are available in Verona, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 40 | 50 | +25.0% |
Summary: The Verona real estate market had 50 homes for sale in May 2024, a 25.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 9 | +125.0% |
| 2 Bedrooms | 6 | 6 | 0.0% |
| 3 Bedrooms | 14 | 14 | 0.0% |
| 4 Bedrooms | 11 | 15 | +36.4% |
| 5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The Verona housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 125%, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 36.4%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 12 | 10 | -16.7% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Verona, you could pay more than the asking price. 80% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in Verona in May 2024, down by 16.7% month-over-month. Of the 10 sold homes, 20% were sold under asking, 0% were sold at asking, and 80% were sold over asking.
Days on Market for Verona, NJ
We’re sorry, we don't have information for this market at the moment
