Is Westfield, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
At the same time last year, Westfield was a Neutral Market.
Housing Prices in Westfield, NJ
How much do homes in Westfield, NJ cost?
Median Sold Price
$1,067,750
$442/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
Summary: The median home sold price in Westfield was $1,067,750 in February 2024, up 11.8% from last year, and the median price per square foot was $442.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $200K | $335K | +67.5% |
2 Bedrooms | $505K | $553K | +9.5% |
3 Bedrooms | $729K | $750.2K | +2.9% |
4 Bedrooms | $970K | $1.1M | +21.6% |
5+ Bedrooms | $1.5M | $1.6M | +7.2% |
Summary: Westfield housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 67.5%, 2 bedroom homes increased by 9.5%, 3 bedroom homes increased by 2.9%, 4 bedroom homes increased by 21.6%, and 5+ bedroom homes increased by 7.2%.
Median Sold Price Compared To Nearby Cities
Scotch Plains Township | $650.3K | $775K | +19.2% |
Scotch Plains | $650.3K | $756K | +16.3% |
Westfield | $955K | $1.0M | +11.8% |
Housing Supply in Westfield, NJ
How many homes are available in Westfield, NJ?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
71 | 73 | +2.8% |
Summary: The Westfield real estate market had 73 homes for sale in February 2024, a 2.8% increase compared to January 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 9 | 8 | -11.1% |
3 Bedrooms | 12 | 10 | -16.7% |
4 Bedrooms | 21 | 24 | +14.3% |
5+ Bedrooms | 29 | 31 | +6.9% |
Summary: The Westfield housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 11.1%, 3 bedroom homes decreased by 16.7%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 6.9%.
Number of Homes Sold
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
21 | 17 | -19.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Summary: A total of 17 homes were sold or pending in Westfield in February 2024, down by 19.0% month-over-month. Of the 17 sold homes, 12% were sold under asking, 24% were sold at asking, and 65% were sold over asking.
Days on Market for Westfield, NJ
How long does it take to sell a home in Westfield, NJ?
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During February 2024, 17 homes were sold in Westfield; 6% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.