Is Oak Ridge, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Oak Ridge has remained a Seller's Market.
Key Takeaway
Oak Ridge is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Oak Ridge, NJ
How much do homes in Oak Ridge, NJ cost?
Median Sold Price
$440,000
-
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Oak Ridge have sold for 10% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $245K | $250K | +2.0% |
| 2 Bedrooms | $275K | $335.2K | +21.9% |
| 3 Bedrooms | $391.5K | $427.5K | +9.2% |
| 4 Bedrooms | $565K | $570K | +0.9% |
| 5+ Bedrooms | $705K | $627.5K | -11.0% |
Summary: Oak Ridge housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2%, 2 bedroom homes increased by 21.9%, 3 bedroom homes increased by 9.2%, 4 bedroom homes increased by 0.9%, and 5+ bedroom homes decreased by 11%.
Median Sold Price Compared To Nearby Cities
| West Milford Township | $358.8K | $407K | +13.4% |
| Oak Ridge | $400K | $440K | +10.0% |
| Jefferson Township | $425K | $427.4K | +0.6% |
| Lake Hopatcong | $460K | $430K | -6.5% |
Housing Supply in Oak Ridge, NJ
How many homes are available in Oak Ridge, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 37 | 38 | +2.7% |
Summary: The Oak Ridge real estate market had 38 homes for sale in April 2024, a 2.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 11 | 9 | -18.2% |
| 3 Bedrooms | 13 | 15 | +15.4% |
| 4 Bedrooms | 10 | 13 | +30.0% |
| 5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The Oak Ridge housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes decreased by 18.2%, 3 bedroom homes increased by 15.4%, 4 bedroom homes increased by 30%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 11 | 9 | -18.2% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Oak Ridge, 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 Oak Ridge in April 2024, down by 18.2% month-over-month. Of the 9 sold homes, 11% were sold under asking, 22% were sold at asking, and 67% were sold over asking.
Days on Market for Oak Ridge, NJ
We’re sorry, we don't have information for this market at the moment
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Monmouth/Ocean MLS Monmouth County Association Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2024 Monmouth/Ocean MLS Monmouth County Association Board of Realtors. All Rights Reserved.