Is Vernon 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, Vernon Township has remained a Seller's Market.
Key Takeaway
Vernon Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Vernon Township, NJ
How much do homes in Vernon Township, NJ cost?
Median Sold Price
$310,796
$161/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Vernon Township have sold for 11% more than they did a year ago.
Summary: The median home sold price in Vernon Township was $310,796 in March 2024, up 11% from last year, and the median price per square foot was $161.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $140K | $165K | +17.9% |
| 2 Bedrooms | $214.5K | $250K | +16.6% |
| 3 Bedrooms | $325K | $345K | +6.2% |
| 4 Bedrooms | $425K | $485K | +14.1% |
| 5+ Bedrooms | $552.5K | $540K | -2.3% |
Summary: Vernon Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.9%, 2 bedroom homes increased by 16.6%, 3 bedroom homes increased by 6.2%, 4 bedroom homes increased by 14.1%, and 5+ bedroom homes decreased by 2.3%.
Median Sold Price Compared To Nearby Cities
| Wantage Township | $362.5K | $435K | +20.0% |
| Vernon | $217.2K | $245K | +12.8% |
| Vernon Township | $280K | $310.7K | +11.0% |
| Highland Lakes | $314K | $345K | +9.9% |
| Glenwood | $375K | $330K | -12.0% |
Housing Supply in Vernon Township, NJ
How many homes are available in Vernon Township, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 163 | 187 | +14.7% |
Summary: The Vernon Township real estate market had 187 homes for sale in March 2024, a 14.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 15 | 23 | +53.3% |
| 2 Bedrooms | 49 | 60 | +22.4% |
| 3 Bedrooms | 74 | 81 | +9.5% |
| 4 Bedrooms | 24 | 22 | -8.3% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Vernon Township housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 53.3%, 2 bedroom homes increased by 22.4%, 3 bedroom homes increased by 9.5%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 25 | 43 | +72.0% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Vernon Township, you could pay more than the asking price. 53.5% of homes here sold above asking price last month.
Summary: A total of 43 homes were sold or pending in Vernon Township in March 2024, up by 72.0% month-over-month. Of the 43 sold homes, 37% were sold under asking, 9% were sold at asking, and 53% were sold over asking.
Days on Market for Vernon Township, NJ
We’re sorry, we don't have information for this market at the moment
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