Is Short Hills, 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, Short Hills has remained a Seller's Market.
Key Takeaway
Short Hills is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Short Hills, NJ
How much do homes in Short Hills, NJ cost?
Median Sold Price
$1,950,000
-
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Short Hills have sold for 8% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $750K | - | N/A |
| 3 Bedrooms | $1.0M | $1.4M | +38.7% |
| 4 Bedrooms | $1.5M | $1.7M | +13.0% |
| 5+ Bedrooms | $2.2M | $2.3M | +5.7% |
Summary: Short Hills housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 38.7%, 4 bedroom homes increased by 13%, and 5+ bedroom homes increased by 5.7%.
Median Sold Price Compared To Nearby Cities
| Millburn Township | $1.5M | $1.7M | +15.0% |
| Springfield Township | $545K | $615K | +12.8% |
| Summit | $1.1M | $1.2M | +11.4% |
| Millburn | $999.9K | $1.1M | +10.0% |
| Short Hills | $1.8M | $1.9M | +8.0% |
Housing Supply in Short Hills, NJ
How many homes are available in Short Hills, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 63 | 70 | +11.1% |
Summary: The Short Hills real estate market had 70 homes for sale in April 2024, a 11.1% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 8 | 7 | -12.5% |
| 4 Bedrooms | 17 | 19 | +11.8% |
| 5+ Bedrooms | 38 | 44 | +15.8% |
Summary: The Short Hills 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 remained the same, 3 bedroom homes decreased by 12.5%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes increased by 15.8%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 13 | 16 | +23.1% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Short Hills, you could pay more than the asking price. 75% of homes here sold above asking price last month.
Summary: A total of 16 homes were sold or pending in Short Hills in April 2024, up by 23.1% month-over-month. Of the 16 sold homes, 19% were sold under asking, 6% were sold at asking, and 75% were sold over asking.
Days on Market for Short Hills, NJ
We’re sorry, we don't have information for this market at the moment
