$8,894 Closing Credit*
$749,000
3 Beds
•1 Full Bath, 1 Partial
Listing Office: WEICHERT REALTORS
Is Madison, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since September 2023
At the same time last year, Madison was a Seller's Market.
Key Takeaway
Madison is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Madison, NJ
How much do homes in Madison, NJ cost?
Median Sold Price
$940,000
-
Based on all homes sold in the last 12 months.
Difference Since September 2023
+$90,000(+10.6%)
Key Takeaway
Homes in Madison have sold for 10.6% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $400K | - | N/A |
| 2 Bedrooms | $469.5K | $460K | -2.0% |
| 3 Bedrooms | $745.5K | $770K | +3.3% |
| 4 Bedrooms | $1.0M | $1.1M | +3.6% |
| 5+ Bedrooms | $1.7M | $1.9M | +11.9% |
Summary: Madison housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 2%, 3 bedroom homes increased by 3.3%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes increased by 11.9%.
Median Sold Price Compared To Nearby Cities
| Madison | $850K | $940K | +10.6% |
| Chatham Township | $999K | $1.1M | +10.1% |
| Chatham | $994.6K | $1.0M | +9.3% |
| Florham Park | $900K | $939K | +4.3% |
Housing Supply in Madison, NJ
How many homes are available in Madison, NJ?
Number of Homes For Sale
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 39 | 39 | 0.0% |
Summary: The Madison real estate market had 39 homes for sale in September 2024, the same as August 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 2 | 4 | +100.0% |
| 3 Bedrooms | 14 | 10 | -28.6% |
| 4 Bedrooms | 13 | 11 | -15.4% |
| 5+ Bedrooms | 10 | 13 | +30.0% |
Summary: The Madison housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 100%, 3 bedroom homes decreased by 28.6%, 4 bedroom homes decreased by 15.4%, and 5+ bedroom homes increased by 30%.
Number of Homes Sold
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 17 | 5 | -70.6% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Madison, you could pay more than the asking price. 80% of homes here sold above asking price last month.
Summary: A total of 5 homes were sold or pending in Madison in September 2024, down by 70.6% month-over-month. Of the 5 sold homes, 20% were sold under asking, 0% were sold at asking, and 80% were sold over asking.
Days on Market for Madison, NJ
We’re sorry, we don't have information for this market at the moment
