Is Mendham Township, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Mendham Township was a Seller's Market.
Key Takeaway
Mendham Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Mendham Township, NJ
How much do homes in Mendham Township, NJ cost?
Median Sold Price
$950,000
-
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Mendham Township have sold for 13.1% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $435K | $499.9K | +14.9% |
| 3 Bedrooms | $600K | $640.5K | +6.8% |
| 4 Bedrooms | $820K | $1.0M | +28.5% |
| 5+ Bedrooms | $1.2M | $1.2M | -2.2% |
Summary: Mendham Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 14.9%, 3 bedroom homes increased by 6.8%, 4 bedroom homes increased by 28.5%, and 5+ bedroom homes decreased by 2.2%.
Median Sold Price Compared To Nearby Cities
| Chester Township | $743.7K | $976K | +31.2% |
| Mendham Township | $840K | $950K | +13.1% |
| Mendham | $815K | $912.5K | +12.0% |
| Bernardsville | $830K | $770K | -7.2% |
Housing Supply in Mendham Township, NJ
How many homes are available in Mendham Township, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 32 | 42 | +31.3% |
Summary: The Mendham Township real estate market had 42 homes for sale in March 2024, a 31.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 2 | +100.0% |
| 3 Bedrooms | 5 | 5 | 0.0% |
| 4 Bedrooms | 10 | 15 | +50.0% |
| 5+ Bedrooms | 16 | 20 | +25.0% |
Summary: The Mendham Township housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes remained the same, 4 bedroom homes increased by 50%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6 | 5 | -16.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Mendham Township, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Mendham Township in March 2024, down by 16.7% month-over-month. Of the 5 sold homes, 80% were sold under asking, 0% were sold at asking, and 20% were sold over asking.
Days on Market for Mendham Township, NJ
We’re sorry, we don't have information for this market at the moment
Disclaimer: The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than Rocket Homes Real Estate, LLC are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.