Is Westfield, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Westfield has remained a Seller's Market.
Key Takeaway
Westfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Westfield, NJ
How much do homes in Westfield, NJ cost?
Median Sold Price
$1,102,355
$442/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Westfield have sold for 15.3% more than they did a year ago.
Summary: The median home sold price in Westfield was $1,102,355 in March 2024, up 15.3% from last year, and the median price per square foot was $442.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $200K | $335K | +67.5% |
| 2 Bedrooms | $535K | $526.5K | -1.6% |
| 3 Bedrooms | $729K | $765K | +4.9% |
| 4 Bedrooms | $953.5K | $1.2M | +25.9% |
| 5+ Bedrooms | $1.5M | $1.6M | +6.8% |
Summary: Westfield housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 67.5%, 2 bedroom homes decreased by 1.6%, 3 bedroom homes increased by 4.9%, 4 bedroom homes increased by 25.9%, and 5+ bedroom homes increased by 6.8%.
Median Sold Price Compared To Nearby Cities
| Scotch Plains Township | $650.5K | $767.5K | +18.0% |
| Westfield | $955.8K | $1.1M | +15.3% |
| Scotch Plains | $651.6K | $750K | +15.1% |
| Mountainside | $797.5K | $854K | +7.1% |
| Garwood | $527.5K | $554.5K | +5.1% |
Housing Supply in Westfield, NJ
How many homes are available in Westfield, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 78 | 91 | +16.7% |
Summary: The Westfield real estate market had 91 homes for sale in March 2024, a 16.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 8 | 7 | -12.5% |
| 3 Bedrooms | 12 | 19 | +58.3% |
| 4 Bedrooms | 25 | 28 | +12.0% |
| 5+ Bedrooms | 33 | 37 | +12.1% |
Summary: The Westfield housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 12.5%, 3 bedroom homes increased by 58.3%, 4 bedroom homes increased by 12%, and 5+ bedroom homes increased by 12.1%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 19 | 23 | +21.1% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Westfield, you could pay more than the asking price. 78.3% of homes here sold above asking price last month.
Summary: A total of 23 homes were sold or pending in Westfield in March 2024, up by 21.1% month-over-month. Of the 23 sold homes, 13% were sold under asking, 9% were sold at asking, and 78% were sold over asking.
Days on Market for Westfield, NJ
We’re sorry, we don't have information for this market at the moment
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Disclaimer: The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than Rocket Homes Real Estate, LLC are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.