Is South Orange, 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, South Orange has remained a Seller's Market.
Key Takeaway
South Orange is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in South Orange, NJ
How much do homes in South Orange, NJ cost?
Median Sold Price
$971,000
$446/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in South Orange have sold for 10.6% more than they did a year ago.
Summary: The median home sold price in South Orange was $971,000 in March 2024, up 10.6% from last year, and the median price per square foot was $446.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $168.5K | $250K | +48.4% |
| 2 Bedrooms | $405.6K | $412K | +1.6% |
| 3 Bedrooms | $665K | $716.5K | +7.7% |
| 4 Bedrooms | $972K | $850K | -12.6% |
| 5+ Bedrooms | $1.1M | $1.2M | +4.3% |
Summary: South Orange housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 48.4%, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 7.7%, 4 bedroom homes decreased by 12.6%, and 5+ bedroom homes increased by 4.3%.
Median Sold Price Compared To Nearby Cities
| South Orange | $878K | $971K | +10.6% |
| South Orange Village Township | $878K | $971K | +10.6% |
| Maplewood | $825K | $850K | +3.0% |
| Maplewood Township | $825K | $844.5K | +2.4% |
Housing Supply in South Orange, NJ
How many homes are available in South Orange, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 30 | 47 | +56.7% |
Summary: The South Orange real estate market had 47 homes for sale in March 2024, a 56.7% 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 | 2 | 6 | +200.0% |
| 3 Bedrooms | 5 | 6 | +20.0% |
| 4 Bedrooms | 12 | 19 | +58.3% |
| 5+ Bedrooms | 11 | 16 | +45.5% |
Summary: The South Orange 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 increased by 200%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 58.3%, and 5+ bedroom homes increased by 45.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6 | 8 | +33.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Orange, you could pay more than the asking price. 75% of homes here sold above asking price last month.
Summary: A total of 8 homes were sold or pending in South Orange in March 2024, up by 33.3% month-over-month. Of the 8 sold homes, 25% were sold under asking, 0% were sold at asking, and 75% were sold over asking.
Days on Market for South Orange, NJ
We’re sorry, we don't have information for this market at the moment
Disclaimer: The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than Rocket Homes Real Estate, LLC are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.