Is Pequannock 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, Pequannock Township has remained a Seller's Market.
Key Takeaway
Pequannock Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Pequannock Township, NJ
How much do homes in Pequannock Township, NJ cost?
Median Sold Price
$550,000
$358/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Pequannock Township have sold for 0.9% more than they did a year ago.
Summary: The median home sold price in Pequannock Township was $550,000 in March 2024, up 0.9% from last year, and the median price per square foot was $358.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $292.5K | $297.2K | +1.6% |
| 2 Bedrooms | $365K | $382K | +4.7% |
| 3 Bedrooms | $565K | $550K | -2.7% |
| 4 Bedrooms | $630K | $632.5K | 0.4% |
| 5+ Bedrooms | $779.9K | $1.0M | +31.4% |
Summary: Pequannock Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.6%, 2 bedroom homes increased by 4.7%, 3 bedroom homes decreased by 2.7%, 4 bedroom homes increased by 0.4%, and 5+ bedroom homes increased by 31.4%.
Median Sold Price Compared To Nearby Cities
| Riverdale | $370K | $420K | +13.5% |
| Pompton Lakes | $415K | $463K | +11.6% |
| Pompton Plains | $513K | $550K | +7.2% |
| Pequannock Township | $545K | $550K | +0.9% |
| Pequannock | $605K | $535K | -11.6% |
Housing Supply in Pequannock Township, NJ
How many homes are available in Pequannock Township, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 33 | 40 | +21.2% |
Summary: The Pequannock Township real estate market had 40 homes for sale in March 2024, a 21.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 4 | +100.0% |
| 2 Bedrooms | 2 | 6 | +200.0% |
| 3 Bedrooms | 12 | 15 | +25.0% |
| 4 Bedrooms | 14 | 13 | -7.1% |
| 5+ Bedrooms | 3 | 2 | -33.3% |
Summary: The Pequannock 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 increased by 200%, 3 bedroom homes increased by 25%, 4 bedroom homes decreased by 7.1%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 7 | 12 | +71.4% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Pequannock Township, you could pay more than the asking price. 91.7% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Pequannock Township in March 2024, up by 71.4% month-over-month. Of the 12 sold homes, 8% were sold under asking, 0% were sold at asking, and 92% were sold over asking.
Days on Market for Pequannock Township, NJ
How long does it take to sell a home in Pequannock Township, NJ?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 7 Days | 6 Days | -14.3% |
Summary: Homes in Pequannock Township had an average of 6 days on market in Mar 2024, down by 14.3% compared to last year.
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 Pequannock Township are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 12 homes were sold in Pequannock Township; 8% 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.
