Is Mendham, 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, Mendham was a Buyer's Market.
Key Takeaway
Mendham is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Mendham, NJ
How much do homes in Mendham, NJ cost?
Median Sold Price
$935,000
-
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Mendham have sold for 15.6% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $445K | $480K | +7.9% |
| 3 Bedrooms | $605K | $650K | +7.4% |
| 4 Bedrooms | $800K | $1.0M | +31.3% |
| 5+ Bedrooms | $1.2M | $1.2M | +1.4% |
Summary: Mendham 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 increased by 7.9%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 31.3%, and 5+ bedroom homes increased by 1.4%.
Median Sold Price Compared To Nearby Cities
| Mendham Township | $821K | $960K | +16.9% |
| Mendham | $808.5K | $935K | +15.6% |
| Bernardsville | $802.5K | $775K | -3.4% |
Housing Supply in Mendham, NJ
How many homes are available in Mendham, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 39 | 52 | +33.3% |
Summary: The Mendham real estate market had 52 homes for sale in April 2024, a 33.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 3 | +50.0% |
| 3 Bedrooms | 4 | 7 | +75.0% |
| 4 Bedrooms | 16 | 20 | +25.0% |
| 5+ Bedrooms | 17 | 22 | +29.4% |
Summary: The Mendham housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 75%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 29.4%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 5 | 9 | +80.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Mendham, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in Mendham in April 2024, up by 80.0% month-over-month. Of the 9 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market for Mendham, NJ
We’re sorry, we don't have information for this market at the moment
