Is Parsippany-Troy Hills Township, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Parsippany-Troy Hills Township was a Seller's Market.
Key Takeaway
Parsippany-Troy Hills 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 Parsippany-Troy Hills Township, NJ
How much do homes in Parsippany-Troy Hills Township, NJ cost?
Median Sold Price
$585,000
$216/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Parsippany-Troy Hills Township have sold for 8.3% more than they did a year ago.
Summary: The median home sold price in Parsippany-Troy Hills Township was $585,000 in April 2024, up 8.3% from last year, and the median price per square foot was $216.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $191K | $220K | +15.2% |
| 2 Bedrooms | $372.5K | $422.5K | +13.4% |
| 3 Bedrooms | $510K | $570K | +11.8% |
| 4 Bedrooms | $650K | $670K | +3.1% |
| 5+ Bedrooms | $782K | $789.9K | +1.0% |
Summary: Parsippany-Troy Hills Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.2%, 2 bedroom homes increased by 13.4%, 3 bedroom homes increased by 11.8%, 4 bedroom homes increased by 3.1%, and 5+ bedroom homes increased by 1%.
Median Sold Price Compared To Nearby Cities
| Boonton | $600K | $666K | +11.0% |
| Parsippany-Troy Hills Township | $540K | $585K | +8.3% |
| Lake Hiawatha | $400K | $425K | +6.3% |
| Parsippany | $595K | $628K | +5.5% |
Housing Supply in Parsippany-Troy Hills Township, NJ
How many homes are available in Parsippany-Troy Hills Township, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 85 | 110 | +29.4% |
Summary: The Parsippany-Troy Hills Township real estate market had 110 homes for sale in April 2024, a 29.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 4 | 0.0% |
| 2 Bedrooms | 9 | 20 | +122.2% |
| 3 Bedrooms | 25 | 36 | +44.0% |
| 4 Bedrooms | 32 | 34 | +6.3% |
| 5+ Bedrooms | 15 | 16 | +6.7% |
Summary: The Parsippany-Troy Hills Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 122.2%, 3 bedroom homes increased by 44%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 6.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 26 | 18 | -30.8% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Parsippany-Troy Hills Township, you could pay more than the asking price. 88.9% of homes here sold above asking price last month.
Summary: A total of 18 homes were sold or pending in Parsippany-Troy Hills Township in April 2024, down by 30.8% month-over-month. Of the 18 sold homes, 11% were sold under asking, 0% were sold at asking, and 89% were sold over asking.
Days on Market for Parsippany-Troy Hills Township, NJ
How long does it take to sell a home in Parsippany-Troy Hills Township, NJ?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 26 Days | 38 Days | +46.2% |
Summary: Homes in Parsippany-Troy Hills Township had an average of 38 days on market in Apr 2024, up by 46.2% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Parsippany-Troy Hills Township has remained consistent over time.
Summary: During April 2024, 18 homes were sold in Parsippany-Troy Hills Township; 0% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Monmouth/Ocean MLS Monmouth County Association Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2024 Monmouth/Ocean MLS Monmouth County Association Board of Realtors. All Rights Reserved.