Is Scotch Plains Township, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Scotch Plains Township has remained a Seller's Market.
Housing Prices in Scotch Plains Township, NJ
How much do homes in Scotch Plains Township, NJ cost?
Median Sold Price
$748,333
$384/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Scotch Plains Township was $748,333 in May 2024, up 10.7% from last year, and the median price per square foot was $384.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $255K | $309K | +21.2% |
2 Bedrooms | $430K | $450K | +4.7% |
3 Bedrooms | $565K | $645K | +14.2% |
4 Bedrooms | $710.5K | $829.5K | +16.7% |
5+ Bedrooms | $1.1M | $1.2M | +7.2% |
Summary: Scotch Plains Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.2%, 2 bedroom homes increased by 4.7%, 3 bedroom homes increased by 14.2%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 7.2%.
Median Sold Price Compared To Nearby Cities
Westfield | $951.3K | $1.1M | +20.9% |
Fanwood | $615K | $685K | +11.4% |
Scotch Plains Township | $676.2K | $748.3K | +10.7% |
Scotch Plains | $675.6K | $740K | +9.5% |
Watchung | $882.5K | $945K | +7.1% |
Housing Supply in Scotch Plains Township, NJ
How many homes are available in Scotch Plains Township, NJ?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
67 | 81 | +20.9% |
Summary: The Scotch Plains Township real estate market had 81 homes for sale in May 2024, a 20.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 2 | +100.0% |
2 Bedrooms | 5 | 5 | 0.0% |
3 Bedrooms | 16 | 19 | +18.8% |
4 Bedrooms | 24 | 26 | +8.3% |
5+ Bedrooms | 22 | 29 | +31.8% |
Summary: The Scotch Plains Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 18.8%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes increased by 31.8%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
13 | 14 | +7.7% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
12 Homes Were Sold
Over Asking
Summary: A total of 14 homes were sold or pending in Scotch Plains Township in May 2024, up by 7.7% month-over-month. Of the 14 sold homes, 7% were sold under asking, 7% were sold at asking, and 86% were sold over asking.
Days on Market for Scotch Plains Township, NJ
How long does it take to sell a home in Scotch Plains Township, NJ?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
22 Days | 34 Days | +56.8% |
Summary: Homes in Scotch Plains Township had an average of 34 days on market in May 2024, up by 56.8% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 14 homes were sold in Scotch Plains Township; 7% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.