Is Budd Lake, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Budd Lake has remained a Seller's Market.
Key Takeaway
Budd Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Budd Lake, NJ
How much do homes in Budd Lake, NJ cost?
Median Sold Price
$505,000
$224/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Budd Lake have sold for 11% more than they did a year ago.
Summary: The median home sold price in Budd Lake was $505,000 in March 2024, up 11% from last year, and the median price per square foot was $224.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $249K | - | N/A |
| 2 Bedrooms | $310K | $340K | +9.7% |
| 3 Bedrooms | $385K | $437.5K | +13.6% |
| 4 Bedrooms | $590K | $605K | +2.5% |
| 5+ Bedrooms | $575K | $535K | -7.0% |
Summary: Budd Lake housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 9.7%, 3 bedroom homes increased by 13.6%, 4 bedroom homes increased by 2.5%, and 5+ bedroom homes decreased by 7%.
Median Sold Price Compared To Nearby Cities
| Stanhope | $335.7K | $390K | +16.2% |
| Budd Lake | $455K | $505K | +11.0% |
| Allamuchy Township | $384.9K | $410K | +6.5% |
| Mount Olive Township | $500K | $530K | +6.0% |
| Netcong | $375K | $390K | +4.0% |
Housing Supply in Budd Lake, NJ
How many homes are available in Budd Lake, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 24 | 23 | -4.2% |
Summary: The Budd Lake real estate market had 23 homes for sale in March 2024, a 4.2% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 2 | -33.3% |
| 3 Bedrooms | 10 | 9 | -10.0% |
| 4 Bedrooms | 8 | 9 | +12.5% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Budd Lake 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 decreased by 33.3%, 3 bedroom homes decreased by 10%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 5 | 4 | -20.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Budd Lake, you could pay more than the asking price. 75% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Budd Lake in March 2024, down by 20.0% month-over-month. Of the 4 sold homes, 25% were sold under asking, 0% were sold at asking, and 75% were sold over asking.
Days on Market for Budd Lake, NJ
We’re sorry, we don't have information for this market at the moment
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