Is Basking Ridge, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Basking Ridge was a Seller's Market.
Key Takeaway
Basking Ridge 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 Basking Ridge, NJ
How much do homes in Basking Ridge, NJ cost?
Median Sold Price
$774,375
$317/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Basking Ridge have sold for 9.4% more than they did a year ago.
Summary: The median home sold price in Basking Ridge was $774,375 in March 2024, up 9.4% from last year, and the median price per square foot was $317.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $275K | $308K | +12.0% |
| 2 Bedrooms | $360K | $440.5K | +22.4% |
| 3 Bedrooms | $650K | $717.5K | +10.4% |
| 4 Bedrooms | $939.5K | $1.1M | +17.1% |
| 5+ Bedrooms | $1.2M | $1.4M | +14.5% |
Summary: Basking Ridge housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12%, 2 bedroom homes increased by 22.4%, 3 bedroom homes increased by 10.4%, 4 bedroom homes increased by 17.1%, and 5+ bedroom homes increased by 14.5%.
Median Sold Price Compared To Nearby Cities
| Warren Township | $932.5K | $1.0M | +16.3% |
| Millington | $652.2K | $725K | +11.2% |
| Long Hill Township | $615K | $680.9K | +10.7% |
| Basking Ridge | $707.8K | $774.3K | +9.4% |
| Bernards Township | $730K | $781.3K | +7.0% |
Housing Supply in Basking Ridge, NJ
How many homes are available in Basking Ridge, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 65 | 73 | +12.3% |
Summary: The Basking Ridge real estate market had 73 homes for sale in March 2024, a 12.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 16 | 22 | +37.5% |
| 3 Bedrooms | 13 | 11 | -15.4% |
| 4 Bedrooms | 20 | 20 | 0.0% |
| 5+ Bedrooms | 15 | 19 | +26.7% |
Summary: The Basking Ridge housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 37.5%, 3 bedroom homes decreased by 15.4%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 26.7%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 14 | 12 | -14.3% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Basking Ridge, you could pay more than the asking price. 83.3% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Basking Ridge in March 2024, down by 14.3% month-over-month. Of the 12 sold homes, 0% were sold under asking, 17% were sold at asking, and 83% were sold over asking.
Days on Market for Basking Ridge, NJ
We’re sorry, we don't have information for this market at the moment
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