Is Scotch Plains 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, Scotch Plains Township has remained a Seller's Market.
Key Takeaway
Scotch Plains Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Scotch Plains Township, NJ
How much do homes in Scotch Plains Township, NJ cost?
Median Sold Price
$767,500
$306/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Scotch Plains Township have sold for 18% more than they did a year ago.
Summary: The median home sold price in Scotch Plains Township was $767,500 in March 2024, up 18% from last year, and the median price per square foot was $306.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $265K | $309K | +16.6% |
| 2 Bedrooms | $417.5K | $450K | +7.8% |
| 3 Bedrooms | $565K | $642K | +13.6% |
| 4 Bedrooms | $710K | $829.5K | +16.8% |
| 5+ Bedrooms | $1.1M | $1.2M | +11.5% |
Summary: Scotch Plains Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.6%, 2 bedroom homes increased by 7.8%, 3 bedroom homes increased by 13.6%, 4 bedroom homes increased by 16.8%, and 5+ bedroom homes increased by 11.5%.
Median Sold Price Compared To Nearby Cities
| Scotch Plains Township | $650.5K | $767.5K | +18.0% |
| Westfield | $955.8K | $1.1M | +15.3% |
| Scotch Plains | $651.6K | $750K | +15.1% |
| Fanwood | $607K | $675K | +11.2% |
| Watchung | $890K | $940K | +5.6% |
Housing Supply in Scotch Plains Township, NJ
How many homes are available in Scotch Plains Township, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 50 | 54 | +8.0% |
Summary: The Scotch Plains Township real estate market had 54 homes for sale in March 2024, a 8.0% 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 | 3 | 2 | -33.3% |
| 3 Bedrooms | 12 | 12 | 0.0% |
| 4 Bedrooms | 19 | 20 | +5.3% |
| 5+ Bedrooms | 16 | 20 | +25.0% |
Summary: The Scotch Plains Township 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 decreased by 33.3%, 3 bedroom homes remained the same, 4 bedroom homes increased by 5.3%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 14 | 12 | -14.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Scotch Plains Township, you could pay more than the asking price. 83.3% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Scotch Plains Township in March 2024, down by 14.3% month-over-month. Of the 12 sold homes, 8% were sold under asking, 8% were sold at asking, and 83% were sold over asking.
Days on Market for Scotch Plains Township, NJ
We’re sorry, we don't have information for this market at the moment
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