Is Scotch Plains, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Scotch Plains has remained a Seller's Market.
Housing Prices in Scotch Plains, NJ
How much do homes in Scotch Plains, NJ cost?
Median Sold Price
$756,000
$345/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
Summary: The median home sold price in Scotch Plains was $756,000 in February 2024, up 16.3% from last year, and the median price per square foot was $345.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $265K | $309K | +16.6% |
2 Bedrooms | $417.5K | $480K | +15.0% |
3 Bedrooms | $560K | $643.5K | +14.9% |
4 Bedrooms | $710K | $829.5K | +16.8% |
5+ Bedrooms | $1.0M | $1.2M | +14.4% |
Summary: Scotch Plains housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.6%, 2 bedroom homes increased by 15%, 3 bedroom homes increased by 14.9%, 4 bedroom homes increased by 16.8%, and 5+ bedroom homes increased by 14.4%.
Median Sold Price Compared To Nearby Cities
Scotch Plains Township | $650.3K | $775K | +19.2% |
Scotch Plains | $650.3K | $756K | +16.3% |
Westfield | $955K | $1.0M | +11.8% |
Fanwood | $608.5K | $675K | +10.9% |
Watchung | $875K | $940K | +7.4% |
Housing Supply in Scotch Plains, NJ
How many homes are available in Scotch Plains, NJ?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
44 | 48 | +9.1% |
Summary: The Scotch Plains real estate market had 48 homes for sale in February 2024, a 9.1% increase compared to January 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 5 | 3 | -40.0% |
3 Bedrooms | 11 | 9 | -18.2% |
4 Bedrooms | 13 | 17 | +30.8% |
5+ Bedrooms | 15 | 19 | +26.7% |
Summary: The Scotch Plains housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 40%, 3 bedroom homes decreased by 18.2%, 4 bedroom homes increased by 30.8%, and 5+ bedroom homes increased by 26.7%.
Number of Homes Sold
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
6 | 13 | +116.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 13 homes were sold or pending in Scotch Plains in February 2024, up by 116.7% month-over-month. Of the 13 sold homes, 31% were sold under asking, 0% were sold at asking, and 69% were sold over asking.
Days on Market for Scotch Plains, NJ
How long does it take to sell a home in Scotch Plains, NJ?
Average Sale Time
Feb 2023 | Feb 2024 | CHANGE |
---|---|---|
49 Days | 130 Days | +162.6% |
Summary: Homes in Scotch Plains had an average of 130 days on market in Feb 2024, up by 162.6% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During February 2024, 13 homes were sold in Scotch Plains; 0% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.