Is Millburn 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, Millburn Township was a Seller's Market.
Key Takeaway
Millburn Township 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 Millburn Township, NJ
How much do homes in Millburn Township, NJ cost?
Median Sold Price
$1,750,000
-
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Millburn Township have sold for 16.7% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $310K | $303K | -2.3% |
| 2 Bedrooms | $462.5K | $423.7K | -8.4% |
| 3 Bedrooms | $930K | $1.1M | +23.7% |
| 4 Bedrooms | $1.3M | $1.6M | +17.3% |
| 5+ Bedrooms | $2.1M | $2.2M | +2.9% |
Summary: Millburn Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.3%, 2 bedroom homes decreased by 8.4%, 3 bedroom homes increased by 23.7%, 4 bedroom homes increased by 17.3%, and 5+ bedroom homes increased by 2.9%.
Median Sold Price Compared To Nearby Cities
| Millburn Township | $1.5M | $1.7M | +16.7% |
| Summit | $1.0M | $1.2M | +14.0% |
| Millburn | $999.4K | $1.1M | +13.6% |
| Springfield Township | $550K | $615K | +11.8% |
| Short Hills | $1.8M | $1.9M | +2.1% |
Housing Supply in Millburn Township, NJ
How many homes are available in Millburn Township, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 57 | 84 | +47.4% |
Summary: The Millburn Township real estate market had 84 homes for sale in March 2024, a 47.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 1 | 0 | -100.0% |
| 3 Bedrooms | 9 | 12 | +33.3% |
| 4 Bedrooms | 16 | 23 | +43.8% |
| 5+ Bedrooms | 31 | 48 | +54.8% |
Summary: The Millburn Township housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 100%, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 43.8%, and 5+ bedroom homes increased by 54.8%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6 | 14 | +133.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Millburn Township, you could pay more than the asking price. 57.1% of homes here sold above asking price last month.
Summary: A total of 14 homes were sold or pending in Millburn Township in March 2024, up by 133.3% month-over-month. Of the 14 sold homes, 36% were sold under asking, 7% were sold at asking, and 57% were sold over asking.
Days on Market for Millburn Township, NJ
We’re sorry, we don't have information for this market at the moment
