Is New Providence, 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, New Providence was a Buyer's Market.
Key Takeaway
New Providence is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in New Providence, NJ
How much do homes in New Providence, NJ cost?
Median Sold Price
$817,500
$651/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
The sold price of homes in New Providence has remained the same since last year.
Summary: The median home sold price in New Providence was $817,500 in March 2024, down 0.1% from last year, and the median price per square foot was $651.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $475K | $601.5K | +26.6% |
| 3 Bedrooms | $665K | $770K | +15.8% |
| 4 Bedrooms | $851K | $852K | 0.1% |
| 5+ Bedrooms | $1.1M | $1.2M | +6.7% |
Summary: New Providence 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 26.6%, 3 bedroom homes increased by 15.8%, 4 bedroom homes increased by 0.1%, and 5+ bedroom homes increased by 6.7%.
Median Sold Price Compared To Nearby Cities
| Summit | $1.0M | $1.2M | +14.0% |
| Berkeley Heights | $680K | $750K | +10.3% |
| Berkeley Heights Township | $685K | $750K | +9.5% |
| Chatham Township | $959.5K | $1.0M | +7.6% |
| New Providence | $818K | $817.5K | -0.1% |
Housing Supply in New Providence, NJ
How many homes are available in New Providence, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 32 | 36 | +12.5% |
Summary: The New Providence real estate market had 36 homes for sale in March 2024, a 12.5% 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 | 4 | 3 | -25.0% |
| 3 Bedrooms | 13 | 14 | +7.7% |
| 4 Bedrooms | 9 | 11 | +22.2% |
| 5+ Bedrooms | 6 | 8 | +33.3% |
Summary: The New Providence 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 decreased by 25%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 4 | 11 | +175.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in New Providence, you could pay more than the asking price. 72.7% of homes here sold above asking price last month.
Summary: A total of 11 homes were sold or pending in New Providence in March 2024, up by 175.0% month-over-month. Of the 11 sold homes, 0% were sold under asking, 27% were sold at asking, and 73% were sold over asking.
Days on Market for New Providence, NJ
How long does it take to sell a home in New Providence, NJ?
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in New Providence are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 11 homes were sold in New Providence; 9% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
