Is Scotch Plains, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Scotch Plains is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Scotch Plains has remained a Seller's Market.

Key Takeaway

Scotch Plains is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

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

+$105,700(+16.3%)

Key Takeaway

Homes in Scotch Plains have sold for 16.3% more than they did a year ago.

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

# BEDSFeb 2023Feb 2024CHANGE
1 $265K$309K
+16.6%
2 $417.5K$480K
+15.0%
3 $560K$643.5K
+14.9%
4 $710K$829.5K
+16.8%
5+ $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
+19.2%
Scotch Plains
+16.3%
Westfield
+11.8%
Fanwood
+10.9%
Watchung
+7.4%

Housing Supply in Scotch Plains, NJ

How many homes are available in Scotch Plains, NJ?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
4448+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

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 53
-40.0%
3 119
-18.2%
4 1317
+30.8%
5+ 1519
+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 2024Feb 2024CHANGE
613+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Scotch Plains, you could pay more than the asking price. 69.2% of homes here sold above asking price last month.

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 2023Feb 2024CHANGE
49 Days130 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

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Scotch Plains has remained consistent over time.

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

Newest Listings in Scotch Plains, NJ

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