Is Union County, 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, Union County has remained a Seller's Market.
Housing Prices in Union County, NJ
How much do homes in Union County, NJ cost?
Median Sold Price
$550,000
$299/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Union County was $550,000 in March 2024, up 10% from last year, and the median price per square foot was $299.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $196K | $230K | +17.3% |
2 Bedrooms | $350K | $397K | +13.4% |
3 Bedrooms | $464K | $510.4K | +10.0% |
4 Bedrooms | $581.1K | $642.7K | +10.6% |
5+ Bedrooms | $970.3K | $998.5K | +2.9% |
Summary: Union County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.3%, 2 bedroom homes increased by 13.4%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 10.6%, and 5+ bedroom homes increased by 2.9%.
Median Sold Price Compared To Nearby Counties
Somerset County | $500.8K | $578.1K | +15.4% |
Union County | $499.7K | $550K | +10.0% |
Essex County | $549.8K | $600.1K | +9.1% |
Housing Supply in Union County, NJ
How many homes are available in Union County, NJ?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
1,185 | 1,355 | +14.3% |
Summary: The Union County real estate market had 1,355 homes for sale in March 2024, a 14.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 33 | 40 | +21.2% |
2 Bedrooms | 127 | 136 | +7.1% |
3 Bedrooms | 433 | 469 | +8.3% |
4 Bedrooms | 316 | 366 | +15.8% |
5+ Bedrooms | 276 | 344 | +24.6% |
Summary: The Union County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 21.2%, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 15.8%, and 5+ bedroom homes increased by 24.6%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
214 | 232 | +8.4% |
Asking Price vs. Sold Price
47 Homes Were Sold
Under Asking
25 Homes Were Sold
At Asking
160 Homes Were Sold
Over Asking
Summary: A total of 232 homes were sold or pending in Union County in March 2024, up by 8.4% month-over-month. Of the 232 sold homes, 20% were sold under asking, 11% were sold at asking, and 69% were sold over asking.
Days on Market for Union County, NJ
How long does it take to sell a home in Union County, NJ?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
23 Days | 36 Days | +52.9% |
Summary: Homes in Union County had an average of 36 days on market in Mar 2024, up by 52.9% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During March 2024, 232 homes were sold in Union County; 3% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.