Is Madison, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Madison was a Seller's Market.
Key Takeaway
Madison is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Madison, NJ
How much do homes in Madison, NJ cost?
Median Sold Price
$917,500
$509/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Madison have sold for 8.1% more than they did a year ago.
Summary: The median home sold price in Madison was $917,500 in April 2024, up 8.1% from last year, and the median price per square foot was $509.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $400K | - | N/A |
| 2 Bedrooms | $481K | $457.5K | -4.9% |
| 3 Bedrooms | $740K | $750K | +1.4% |
| 4 Bedrooms | $1.1M | $1.0M | -2.7% |
| 5+ Bedrooms | $1.6M | $1.9M | +18.0% |
Summary: Madison housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 4.9%, 3 bedroom homes increased by 1.4%, 4 bedroom homes decreased by 2.7%, and 5+ bedroom homes increased by 18%.
Median Sold Price Compared To Nearby Cities
| Florham Park | $789.9K | $905K | +14.6% |
| Chatham Township | $968.5K | $1.0M | +9.4% |
| Chatham | $959.5K | $1.0M | +8.4% |
| Madison | $849K | $917.5K | +8.1% |
Housing Supply in Madison, NJ
How many homes are available in Madison, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 38 | 48 | +26.3% |
Summary: The Madison real estate market had 48 homes for sale in April 2024, a 26.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 5 | 4 | -20.0% |
| 3 Bedrooms | 11 | 13 | +18.2% |
| 4 Bedrooms | 8 | 11 | +37.5% |
| 5+ Bedrooms | 14 | 19 | +35.7% |
Summary: The Madison housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 20%, 3 bedroom homes increased by 18.2%, 4 bedroom homes increased by 37.5%, and 5+ bedroom homes increased by 35.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 9 | 7 | -22.2% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Madison, you could pay more than the asking price. 85.7% of homes here sold above asking price last month.
Summary: A total of 7 homes were sold or pending in Madison in April 2024, down by 22.2% month-over-month. Of the 7 sold homes, 14% were sold under asking, 0% were sold at asking, and 86% were sold over asking.
Days on Market for Madison, NJ
We’re sorry, we don't have information for this market at the moment
