Is Verona Township, 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 Township was a Buyer's Market.
Key Takeaway
Verona Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Verona Township, NJ
How much do homes in Verona Township, 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 Township 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 Township 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 Township | $595K | $665K | +11.8% |
| Verona | $595K | $665K | +11.8% |
Housing Supply in Verona Township, NJ
How many homes are available in Verona Township, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 41 | 51 | +24.4% |
Summary: The Verona Township real estate market had 51 homes for sale in May 2024, a 24.4% 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 | 12 | 16 | +33.3% |
| 5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The Verona Township 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 33.3%, 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 Township, 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 Township 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 Township, NJ
We’re sorry, we don't have information for this market at the moment
