Is Elk Township, 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, Elk Township was a Neutral Market.
Key Takeaway
Elk Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Elk Township, NJ
How much do homes in Elk Township, NJ cost?
Median Sold Price
$330,000
$195/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Elk Township have sold for 17.9% more than they did a year ago.
Summary: The median home sold price in Elk Township was $330,000 in March 2024, up 17.9% from last year, and the median price per square foot was $195.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $220K | $212K | -3.6% |
| 3 Bedrooms | $262.7K | $290K | +10.4% |
| 4 Bedrooms | $415K | $495K | +19.3% |
| 5+ Bedrooms | $475K | $485K | +2.1% |
Summary: Elk Township 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 decreased by 3.6%, 3 bedroom homes increased by 10.4%, 4 bedroom homes increased by 19.3%, and 5+ bedroom homes increased by 2.1%.
Housing Supply in Elk Township, NJ
How many homes are available in Elk Township, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 26 | 23 | -11.5% |
Summary: The Elk Township real estate market had 23 homes for sale in March 2024, a 11.5% decrease 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 | 5 | 6 | +20.0% |
| 3 Bedrooms | 10 | 8 | -20.0% |
| 4 Bedrooms | 8 | 7 | -12.5% |
| 5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Elk Township 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 20%, 3 bedroom homes decreased by 20%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2 | 2 | 0.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Elk Township, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 2 homes were sold or pending in Elk Township in March 2024, the same as the previous month. Of the 2 sold homes, 0% were sold under asking, 50% were sold at asking, and 50% were sold over asking.
Days on Market for Elk Township, NJ
How long does it take to sell a home in Elk Township, NJ?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 148 Days | 12 Days | -91.9% |
Summary: Homes in Elk Township had an average of 12 days on market in Mar 2024, down by 91.9% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Elk Township are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 2 homes were sold in Elk Township; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
