Is Parsippany, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Parsippany has remained a Seller's Market.
Key Takeaway
Parsippany is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Parsippany, NJ
How much do homes in Parsippany, NJ cost?
Median Sold Price
$626,500
$371/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Parsippany have sold for 5.5% more than they did a year ago.
Summary: The median home sold price in Parsippany was $626,500 in March 2024, up 5.5% from last year, and the median price per square foot was $371.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $188.5K | $212.5K | +12.7% |
| 2 Bedrooms | $401.6K | $475K | +18.3% |
| 3 Bedrooms | $528.6K | $566K | +7.1% |
| 4 Bedrooms | $625K | $686K | +9.8% |
| 5+ Bedrooms | $750K | $749.9K | 0% |
Summary: Parsippany housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.7%, 2 bedroom homes increased by 18.3%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 9.8%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Parsippany-Troy Hills Township | $539.5K | $585K | +8.4% |
| Lake Hiawatha | $392.5K | $419K | +6.8% |
| Mountain Lakes | $900K | $957K | +6.3% |
| Montville Township | $699.9K | $739K | +5.6% |
| Parsippany | $594K | $626.5K | +5.5% |
Housing Supply in Parsippany, NJ
How many homes are available in Parsippany, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 32 | 34 | +6.3% |
Summary: The Parsippany real estate market had 34 homes for sale in March 2024, a 6.3% 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 | 3 | +200.0% |
| 3 Bedrooms | 8 | 9 | +12.5% |
| 4 Bedrooms | 12 | 12 | 0.0% |
| 5+ Bedrooms | 11 | 10 | -9.1% |
Summary: The Parsippany 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 200%, 3 bedroom homes increased by 12.5%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 9.1%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 7 | 9 | +28.6% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Parsippany, you could pay more than the asking price. 88.9% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in Parsippany in March 2024, up by 28.6% month-over-month. Of the 9 sold homes, 11% were sold under asking, 0% were sold at asking, and 89% were sold over asking.
Days on Market for Parsippany, NJ
We’re sorry, we don't have information for this market at the moment
