Is West Orange 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, West Orange Township was a Seller's Market.
Key Takeaway
West Orange Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in West Orange Township, NJ
How much do homes in West Orange Township, NJ cost?
Median Sold Price
$602,125
$302/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in West Orange Township have sold for 9.5% more than they did a year ago.
Summary: The median home sold price in West Orange Township was $602,125 in May 2024, up 9.5% from last year, and the median price per square foot was $302.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $212K | $261K | +23.1% |
| 2 Bedrooms | $415K | $443K | +6.7% |
| 3 Bedrooms | $525K | $580K | +10.5% |
| 4 Bedrooms | $642.5K | $714.5K | +11.2% |
| 5+ Bedrooms | $782.5K | $955K | +22.0% |
Summary: West Orange Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.1%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 10.5%, 4 bedroom homes increased by 11.2%, and 5+ bedroom homes increased by 22%.
Median Sold Price Compared To Nearby Cities
| South Orange | $853.7K | $995K | +16.5% |
| West Orange Township | $550K | $602.1K | +9.5% |
| West Orange | $550K | $601.5K | +9.4% |
Housing Supply in West Orange Township, NJ
How many homes are available in West Orange Township, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 156 | 190 | +21.8% |
Summary: The West Orange Township real estate market had 190 homes for sale in May 2024, a 21.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 6 | +50.0% |
| 2 Bedrooms | 22 | 26 | +18.2% |
| 3 Bedrooms | 66 | 70 | +6.1% |
| 4 Bedrooms | 38 | 58 | +52.6% |
| 5+ Bedrooms | 26 | 30 | +15.4% |
Summary: The West Orange Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 18.2%, 3 bedroom homes increased by 6.1%, 4 bedroom homes increased by 52.6%, and 5+ bedroom homes increased by 15.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 34 | 28 | -17.6% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in West Orange Township, you could pay more than the asking price. 78.6% of homes here sold above asking price last month.
Summary: A total of 28 homes were sold or pending in West Orange Township in May 2024, down by 17.6% month-over-month. Of the 28 sold homes, 14% were sold under asking, 7% were sold at asking, and 79% were sold over asking.
Days on Market for West Orange Township, NJ
We’re sorry, we don't have information for this market at the moment
