Is Passaic County, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Passaic County was a Seller's Market.
Housing Prices in Passaic County, NJ
How much do homes in Passaic County, NJ cost?
Median Sold Price
$499,000
$253/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Passaic County was $499,000 in March 2024, up 10.9% from last year, and the median price per square foot was $253.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $225K | $252.5K | +12.2% |
2 Bedrooms | $363.1K | $410K | +12.9% |
3 Bedrooms | $451.6K | $491.2K | +8.8% |
4 Bedrooms | $545.4K | $600K | +10.0% |
5+ Bedrooms | $680K | $746K | +9.7% |
Summary: Passaic County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.2%, 2 bedroom homes increased by 12.9%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 9.7%.
Median Sold Price Compared To Nearby Counties
Passaic County | $450K | $499K | +10.9% |
Essex County | $549.8K | $600.1K | +9.1% |
Morris County | $574.9K | $624.6K | +8.6% |
Rockland County | $580.1K | $612.3K | +5.5% |
Housing Supply in Passaic County, NJ
How many homes are available in Passaic County, NJ?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
886 | 1,104 | +24.6% |
Summary: The Passaic County real estate market had 1,104 homes for sale in March 2024, a 24.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 33 | 41 | +24.2% |
2 Bedrooms | 143 | 191 | +33.6% |
3 Bedrooms | 293 | 353 | +20.5% |
4 Bedrooms | 201 | 240 | +19.4% |
5+ Bedrooms | 216 | 279 | +29.2% |
Summary: The Passaic County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 24.2%, 2 bedroom homes increased by 33.6%, 3 bedroom homes increased by 20.5%, 4 bedroom homes increased by 19.4%, and 5+ bedroom homes increased by 29.2%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
140 | 138 | -1.4% |
Asking Price vs. Sold Price
35 Homes Were Sold
Under Asking
18 Homes Were Sold
At Asking
85 Homes Were Sold
Over Asking
Summary: A total of 138 homes were sold or pending in Passaic County in March 2024, down by 1.4% month-over-month. Of the 138 sold homes, 25% were sold under asking, 13% were sold at asking, and 62% were sold over asking.
Days on Market for Passaic County, NJ
How long does it take to sell a home in Passaic County, NJ?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
182 Days | 42 Days | -76.5% |
Summary: Homes in Passaic County had an average of 42 days on market in Mar 2024, down by 76.5% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 138 homes were sold in Passaic County; 2% of homes were sold within 30 days, 1% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.