Is Franklin Park, 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, Franklin Park has remained a Seller's Market.
Housing Prices in Franklin Park, NJ
How much do homes in Franklin Park, NJ cost?
Median Sold Price
$375,000
$274/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Franklin Park was $375,000 in March 2024, up 18.3% from last year, and the median price per square foot was $274.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $165.5K | $202K | +22.1% |
2 Bedrooms | $300K | $350K | +16.7% |
3 Bedrooms | $447.5K | $500K | +11.7% |
4 Bedrooms | $636K | $710K | +11.6% |
5+ Bedrooms | $888.7K | $980K | +10.3% |
Summary: Franklin Park housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.1%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 11.7%, 4 bedroom homes increased by 11.6%, and 5+ bedroom homes increased by 10.3%.
Median Sold Price Compared To Nearby Cities
Franklin Park | $317K | $375K | +18.3% |
Franklin Township | $420K | $465K | +10.7% |
Kendall Park | $571K | $615K | +7.7% |
South Brunswick Township | $526.3K | $565K | +7.3% |
North Brunswick Township | $405K | $431.5K | +6.5% |
Housing Supply in Franklin Park, NJ
How many homes are available in Franklin Park, NJ?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
34 | 36 | +5.9% |
Summary: The Franklin Park real estate market had 36 homes for sale in March 2024, a 5.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 2 | -33.3% |
2 Bedrooms | 13 | 12 | -7.7% |
3 Bedrooms | 13 | 15 | +15.4% |
4 Bedrooms | 4 | 4 | 0.0% |
5+ Bedrooms | 1 | 3 | +200.0% |
Summary: The Franklin Park housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes decreased by 7.7%, 3 bedroom homes increased by 15.4%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 200%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
9 | 8 | -11.1% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Summary: A total of 8 homes were sold or pending in Franklin Park in March 2024, down by 11.1% month-over-month. Of the 8 sold homes, 25% were sold under asking, 0% were sold at asking, and 75% were sold over asking.
Days on Market for Franklin Park, NJ
How long does it take to sell a home in Franklin Park, NJ?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
154 Days | 14 Days | -90.5% |
Summary: Homes in Franklin Park had an average of 14 days on market in Mar 2024, down by 90.5% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During March 2024, 8 homes were sold in Franklin Park; 38% 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.