Is Vernon Township, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Vernon Township is a neutral's market

Buyer's
Market

Difference Since May 2023

At the same time last year, Vernon Township was a Seller's Market.

Key Takeaway

Vernon Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Vernon Township, NJ

How much do homes in Vernon Township, NJ cost?

Median Sold Price

$320,000

$172/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$35,000(+12.3%)

Key Takeaway

Homes in Vernon Township have sold for 12.3% more than they did a year ago.

Summary: The median home sold price in Vernon Township was $320,000 in May 2024, up 12.3% from last year, and the median price per square foot was $172.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $146K$169K
+15.8%
2 $219K$250K
+14.2%
3 $325K$350K
+7.7%
4 $415.5K$495K
+19.1%
5+ $575K$487.5K
-15.2%

Summary: Vernon Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.8%, 2 bedroom homes increased by 14.2%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 19.1%, and 5+ bedroom homes decreased by 15.2%.

Median Sold Price Compared To Nearby Cities

Wantage Township
+16.2%
Highland Lakes
+12.9%
Vernon Township
+12.3%
Vernon
+11.1%

Housing Supply in Vernon Township, NJ

How many homes are available in Vernon Township, NJ?

Number of Homes For Sale

Apr 2024May 2024CHANGE
180222+23.3%

Summary: The Vernon Township real estate market had 222 homes for sale in May 2024, a 23.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 3035
+16.7%
2 5368
+28.3%
3 7384
+15.1%
4 2333
+43.5%
5+ 12
+100.0%

Summary: The Vernon Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 16.7%, 2 bedroom homes increased by 28.3%, 3 bedroom homes increased by 15.1%, 4 bedroom homes increased by 43.5%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Apr 2024May 2024CHANGE
1634+112.5%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

22 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Vernon Township, you could pay more than the asking price. 64.7% of homes here sold above asking price last month.

Summary: A total of 34 homes were sold or pending in Vernon Township in May 2024, up by 112.5% month-over-month. Of the 34 sold homes, 32% were sold under asking, 3% were sold at asking, and 65% 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

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

Report Updated 13 Days Ago

Newest Listings in Vernon Township, NJ

Nearby Markets to Vernon Township, NJ

What housing markets are near Vernon Township, NJ?