Is Denville, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Denville has remained a Seller's Market.
Key Takeaway
Denville is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Denville, NJ
How much do homes in Denville, NJ cost?
Median Sold Price
$555,000
$288/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Denville have sold for 2.1% more than they did a year ago.
Summary: The median home sold price in Denville was $555,000 in May 2024, up 2.1% from last year, and the median price per square foot was $288.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $280K | $248.7K | -11.2% |
| 2 Bedrooms | $385K | $450.7K | +17.1% |
| 3 Bedrooms | $480K | $550K | +14.6% |
| 4 Bedrooms | $652.5K | $655K | 0.4% |
| 5+ Bedrooms | $783.5K | $1.2M | +62.8% |
Summary: Denville housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 11.2%, 2 bedroom homes increased by 17.1%, 3 bedroom homes increased by 14.6%, 4 bedroom homes increased by 0.4%, and 5+ bedroom homes increased by 62.8%.
Median Sold Price Compared To Nearby Cities
| Rockaway | $435K | $491.7K | +13.0% |
| Denville Township | $537K | $555K | +3.4% |
| Denville | $543.3K | $555K | +2.1% |
| Mountain Lakes | $920K | $921.5K | 0.2% |
Housing Supply in Denville, NJ
How many homes are available in Denville, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 59 | 69 | +16.9% |
Summary: The Denville real estate market had 69 homes for sale in May 2024, a 16.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 13 | 14 | +7.7% |
| 3 Bedrooms | 22 | 24 | +9.1% |
| 4 Bedrooms | 17 | 21 | +23.5% |
| 5+ Bedrooms | 5 | 9 | +80.0% |
Summary: The Denville housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 7.7%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 23.5%, and 5+ bedroom homes increased by 80%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 13 | 13 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Denville, you could pay more than the asking price. 84.6% of homes here sold above asking price last month.
Summary: A total of 13 homes were sold or pending in Denville in May 2024, the same as the previous month. Of the 13 sold homes, 15% were sold under asking, 0% were sold at asking, and 85% were sold over asking.
Days on Market for Denville, NJ
We’re sorry, we don't have information for this market at the moment
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Monmouth/Ocean MLS Monmouth County Association Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2024 Monmouth/Ocean MLS Monmouth County Association Board of Realtors. All Rights Reserved.