Is Franklin Township, 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 Township has remained a Seller's Market.
Housing Prices in Franklin Township, NJ
How much do homes in Franklin Township, NJ cost?
Median Sold Price
$465,000
$280/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Franklin Township was $465,000 in March 2024, up 10.7% from last year, and the median price per square foot was $280.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $165.5K | $202K | +22.1% |
2 Bedrooms | $340K | $392.2K | +15.4% |
3 Bedrooms | $450K | $500K | +11.1% |
4 Bedrooms | $547.5K | $595K | +8.7% |
5+ Bedrooms | $642K | $629.5K | -1.9% |
Summary: Franklin Township 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 15.4%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes decreased by 1.9%.
Median Sold Price Compared To Nearby Cities
Franklin Park | $317K | $375K | +18.3% |
Franklin Township | $420K | $465K | +10.7% |
Somerset | $445K | $481.8K | +8.3% |
Kendall Park | $571K | $615K | +7.7% |
Housing Supply in Franklin Township, NJ
How many homes are available in Franklin Township, NJ?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
191 | 215 | +12.6% |
Summary: The Franklin Township real estate market had 215 homes for sale in March 2024, a 12.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 5 | 4 | -20.0% |
2 Bedrooms | 62 | 68 | +9.7% |
3 Bedrooms | 51 | 62 | +21.6% |
4 Bedrooms | 49 | 55 | +12.2% |
5+ Bedrooms | 24 | 26 | +8.3% |
Summary: The Franklin Township housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes increased by 9.7%, 3 bedroom homes increased by 21.6%, 4 bedroom homes increased by 12.2%, and 5+ bedroom homes increased by 8.3%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
37 | 43 | +16.2% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
34 Homes Were Sold
Over Asking
Summary: A total of 43 homes were sold or pending in Franklin Township in March 2024, up by 16.2% month-over-month. Of the 43 sold homes, 14% were sold under asking, 7% were sold at asking, and 79% were sold over asking.
Days on Market for Franklin Township, NJ
How long does it take to sell a home in Franklin Township, NJ?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
48 Days | 28 Days | -40.4% |
Summary: Homes in Franklin Township had an average of 28 days on market in Mar 2024, down by 40.4% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 43 homes were sold in Franklin Township; 19% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.