Is South Orange, 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, South Orange was a Seller's Market.
Key Takeaway
South Orange 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 South Orange, NJ
How much do homes in South Orange, NJ cost?
Median Sold Price
$997,000
$446/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in South Orange have sold for 16.6% more than they did a year ago.
Summary: The median home sold price in South Orange was $997,000 in April 2024, up 16.6% from last year, and the median price per square foot was $446.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $168.5K | $250K | +48.4% |
| 2 Bedrooms | $405.6K | $430K | +6.0% |
| 3 Bedrooms | $660K | $716.5K | +8.6% |
| 4 Bedrooms | $950K | $959.5K | +1.0% |
| 5+ Bedrooms | $1.1M | $1.2M | +9.7% |
Summary: South Orange housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 48.4%, 2 bedroom homes increased by 6%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 1%, and 5+ bedroom homes increased by 9.7%.
Median Sold Price Compared To Nearby Cities
| South Orange | $855K | $997K | +16.6% |
| South Orange Village Township | $855K | $997K | +16.6% |
| Maplewood | $830K | $851.5K | +2.6% |
| Maplewood Township | $830K | $851K | +2.5% |
Housing Supply in South Orange, NJ
How many homes are available in South Orange, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 44 | 70 | +59.1% |
Summary: The South Orange real estate market had 70 homes for sale in April 2024, a 59.1% 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 | 6 | 6 | 0.0% |
| 3 Bedrooms | 6 | 8 | +33.3% |
| 4 Bedrooms | 17 | 25 | +47.1% |
| 5+ Bedrooms | 15 | 31 | +106.7% |
Summary: The South Orange 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 increased by 33.3%, 4 bedroom homes increased by 47.1%, and 5+ bedroom homes increased by 106.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 8 | 10 | +25.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Orange, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in South Orange in April 2024, up by 25.0% month-over-month. Of the 10 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for South Orange, NJ
We’re sorry, we don't have information for this market at the moment
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