Is Parsippany-Troy Hills Township, 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-Troy Hills Township has remained a Seller's Market.
Key Takeaway
Parsippany-Troy Hills Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Parsippany-Troy Hills Township, NJ
How much do homes in Parsippany-Troy Hills Township, NJ cost?
Median Sold Price
$585,000
$195/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Parsippany-Troy Hills Township have sold for 8.4% more than they did a year ago.
Summary: The median home sold price in Parsippany-Troy Hills Township was $585,000 in March 2024, up 8.4% from last year, and the median price per square foot was $195.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $180K | $205K | +13.9% |
| 2 Bedrooms | $375K | $425K | +13.3% |
| 3 Bedrooms | $510K | $565.5K | +10.9% |
| 4 Bedrooms | $647.5K | $675K | +4.2% |
| 5+ Bedrooms | $755K | $789.9K | +4.6% |
Summary: Parsippany-Troy Hills Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.9%, 2 bedroom homes increased by 13.3%, 3 bedroom homes increased by 10.9%, 4 bedroom homes increased by 4.2%, and 5+ bedroom homes increased by 4.6%.
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% |
| Parsippany | $594K | $626.5K | +5.5% |
| Boonton | $600K | $630K | +5.0% |
Housing Supply in Parsippany-Troy Hills Township, NJ
How many homes are available in Parsippany-Troy Hills Township, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 76 | 90 | +18.4% |
Summary: The Parsippany-Troy Hills Township real estate market had 90 homes for sale in March 2024, a 18.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 4 | +100.0% |
| 2 Bedrooms | 9 | 9 | 0.0% |
| 3 Bedrooms | 22 | 25 | +13.6% |
| 4 Bedrooms | 26 | 31 | +19.2% |
| 5+ Bedrooms | 19 | 21 | +10.5% |
Summary: The Parsippany-Troy Hills 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 remained the same, 3 bedroom homes increased by 13.6%, 4 bedroom homes increased by 19.2%, and 5+ bedroom homes increased by 10.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 16 | 22 | +37.5% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Parsippany-Troy Hills Township, you could pay more than the asking price. 81.8% of homes here sold above asking price last month.
Summary: A total of 22 homes were sold or pending in Parsippany-Troy Hills Township in March 2024, up by 37.5% month-over-month. Of the 22 sold homes, 14% were sold under asking, 5% were sold at asking, and 82% were sold over asking.
Days on Market for Parsippany-Troy Hills Township, NJ
We’re sorry, we don't have information for this market at the moment
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