Is Mendham 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, Mendham Township has remained a Seller's Market.
Key Takeaway
Mendham Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Mendham Township, NJ
How much do homes in Mendham Township, NJ cost?
Median Sold Price
$972,000
-
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Mendham Township have sold for 18.1% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $449.5K | $505K | +12.3% |
| 3 Bedrooms | $600K | $690K | +15.0% |
| 4 Bedrooms | $820K | $1.0M | +30.4% |
| 5+ Bedrooms | $1.2M | $1.3M | +4.0% |
Summary: Mendham Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 12.3%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 30.4%, and 5+ bedroom homes increased by 4%.
Median Sold Price Compared To Nearby Cities
| Chester Township | $760K | $971K | +27.8% |
| Mendham | $808.5K | $971.5K | +20.2% |
| Mendham Township | $823K | $972K | +18.1% |
| Bernardsville | $820K | $825K | +0.6% |
Housing Supply in Mendham Township, NJ
How many homes are available in Mendham Township, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 52 | 60 | +15.4% |
Summary: The Mendham Township real estate market had 60 homes for sale in May 2024, a 15.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 3 | 3 | 0.0% |
| 3 Bedrooms | 7 | 6 | -14.3% |
| 4 Bedrooms | 21 | 28 | +33.3% |
| 5+ Bedrooms | 21 | 22 | +4.8% |
Summary: The Mendham 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 decreased by 14.3%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 4.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 12 | +9.1% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Mendham Township, you could pay more than the asking price. 83.3% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Mendham Township in May 2024, up by 9.1% month-over-month. Of the 12 sold homes, 8% were sold under asking, 8% were sold at asking, and 83% were sold over asking.
Days on Market for Mendham Township, NJ
We’re sorry, we don't have information for this market at the moment
