Is Franklin Lakes, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Franklin Lakes has remained a Buyer's Market.
Key Takeaway
Franklin Lakes is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Franklin Lakes, NJ
How much do homes in Franklin Lakes, NJ cost?
Median Sold Price
$1,070,000
$334/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Franklin Lakes have sold for 10.8% less than they did a month ago.
Summary: The median home sold price in Franklin Lakes was $1,070,000 in March 2024, down 10.8% from last month, and the median price per square foot was $334.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | - | N/A |
| 3 Bedrooms | - | - | N/A |
| 4 Bedrooms | $1.2M | $1.0M | -10.8% |
| 5+ Bedrooms | - | - | N/A |
Summary: Franklin Lakes housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes decreased by 10.8%, and 5+ bedroom homes did not change.
Housing Supply in Franklin Lakes, NJ
How many homes are available in Franklin Lakes, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 26 | 38 | +46.2% |
Summary: The Franklin Lakes real estate market had 38 homes for sale in March 2024, a 46.2% increase 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 | 0 | 0 | 0.0% |
| 3 Bedrooms | 1 | 4 | +300.0% |
| 4 Bedrooms | 10 | 11 | +10.0% |
| 5+ Bedrooms | 15 | 23 | +53.3% |
Summary: The Franklin Lakes 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 remained the same, 3 bedroom homes increased by 300%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 53.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2 | 3 | +50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Franklin Lakes, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 3 homes were sold or pending in Franklin Lakes in March 2024, up by 50.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market for Franklin Lakes, NJ
How long does it take to sell a home in Franklin Lakes, NJ?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 19 Days | 30 Days | +57.9% |
Summary: Homes in Franklin Lakes had an average of 30 days on market in Mar 2024, up by 57.9% compared to last month.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Franklin Lakes has remained consistent over time.
Summary: During March 2024, 3 homes were sold in Franklin Lakes; 0% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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.