Is Franklin Township, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Franklin Township has remained a Seller's Market.
Housing Prices in Franklin Township, NJ
How much do homes in Franklin Township, NJ cost?
Median Sold Price
$468,333
$285/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Franklin Township was $468,333 in April 2024, up 10.5% from last year, and the median price per square foot was $285.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $165.5K | $202K | +22.1% |
2 Bedrooms | $349K | $395K | +13.2% |
3 Bedrooms | $450K | $500K | +11.1% |
4 Bedrooms | $550K | $597.5K | +8.6% |
5+ Bedrooms | $688K | $629.5K | -8.5% |
Summary: Franklin Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.1%, 2 bedroom homes increased by 13.2%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 8.6%, and 5+ bedroom homes decreased by 8.5%.
Median Sold Price Compared To Nearby Cities
Franklin Park | $319.9K | $375K | +17.2% |
Franklin Township | $423.6K | $468.3K | +10.5% |
Somerset | $446K | $489.6K | +9.8% |
Kendall Park | $575K | $615K | +7.0% |
Housing Supply in Franklin Township, NJ
How many homes are available in Franklin Township, NJ?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
200 | 224 | +12.0% |
Summary: The Franklin Township real estate market had 224 homes for sale in April 2024, a 12.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 2 | -50.0% |
2 Bedrooms | 70 | 79 | +12.9% |
3 Bedrooms | 59 | 69 | +16.9% |
4 Bedrooms | 50 | 57 | +14.0% |
5+ Bedrooms | 17 | 17 | 0.0% |
Summary: The Franklin Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 12.9%, 3 bedroom homes increased by 16.9%, 4 bedroom homes increased by 14%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
45 | 55 | +22.2% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
45 Homes Were Sold
Over Asking
Summary: A total of 55 homes were sold or pending in Franklin Township in April 2024, up by 22.2% month-over-month. Of the 55 sold homes, 11% were sold under asking, 7% were sold at asking, and 82% were sold over asking.
Days on Market for Franklin Township, NJ
How long does it take to sell a home in Franklin Township, NJ?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
27 Days | 26 Days | -3.4% |
Summary: Homes in Franklin Township had an average of 26 days on market in Apr 2024, down by 3.4% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 55 homes were sold in Franklin Township; 16% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.