SECOND QUARTER 2024 MARKET REPORT
About the Data
• This study includes all residential home sales in the towns indicated as reported by Garden State Multiple Service LLC (GSMLS), including condominiums and townhomes. It does not include land sales, commercial sales or rentals.
• Year to Date “Overview” sales data is as reported to GSMLS on 7/9/24.
• When considering Supply and Demand, it is generally accepted that a supply of six months represents a balanced market. Below six months tends to be a seller’s market, with prices rising, and above six months generally indicates a buyer’s market with downward pressure on pricing.
• Average Sales per month is calculated on the number of sales for the current year.
• The relatively tiny amount of transaction data in some categories can lead to wild swings that do not necessarily point to a trend in one direction or another.
COMMENTARY
SECOND QUARTER 2024 MARKET REPORT
New Jersey comprises a staggering 563 municipalities, each distinct and autonomous. This diversity often contributes to significant variations in local real estate markets over short distances, and can present challenges in identifying trends. Nonetheless, our analysis of residential real estate trends across 99 municipalities in Somerset, Morris, Hunterdon, Essex, and Union counties offers a comprehensive view of our market, and paints an increasingly clear picture of where we are headed.
From this broader perspective, recent data indicates a notable increase in overall inventory. June marked the second consecutive month of inventory growth (+16% compared to the same month last year), a trend unseen since before the pandemic. This development comes as welcome news for buyers who have faced frustratingly low inventory levels.
Despite the rise in homes for sale, total sales have decreased year-over-year, yet the median sale price saw a significant 14% increase in June. This underscores the appeal of our region and the enduring belief in homeownership, despite elevated borrowing costs.
In the under-$1 million price bracket, there’s evidence of moderate cooling. Year-to-date inventory has risen by 16%, while pending contracts have dipped by 4%, and closed sales have decreased by 9%.
Conversely, the $1-2 million segment continues to show robust performance across the board. A 24% increase in new listings year-to-date corresponds with an 18% rise in pending contracts and a 23% increase in closed sales. With inventory on the rise alongside heightened transaction activity, this price range appears to be the market’s sweet spot once again.
If you are considering buying or selling a home, I invite you to call upon one of our knowledgeable sales associates. They would be pleased to explain exactly what is happening in your neighborhood, and can also make introductions to market-leading brokers worldwide with whom we are proud to partner.
John Turpin, President
CONTENTS
REGIONAL RESULTS | JUNE 2024
Sales and Contracts | Month of June 2024
Activity by Price | Year-to-date June 30
RESULTS BY TOWN | SECOND QUARTER 2024
Bedminster
Berkeley Heights
Bernards Twp.
Bernardsville
Boonton Town
Boonton Twp.
Bridgewater Twp.
Califon
Chatham Boro
Chatham Twp.
Chester Boro
Chester Twp.
Clinton Town
Clinton Twp.
Far Hills
Florham Park
Harding Twp.
Lebanon Boro
Lebanon Twp.
Long Hill Twp.
Madison
Maplewood
Mendham Boro
Mendham Twp.
Millburn
Morris Plains
Morris Twp.
Morristown
Mountain Lakes
New Providence
Peapack-Gladstone
Randolph Twp.
Readington Twp.
Summit
Tewksbury Twp.
Warren
Washington Twp.
Watchung
Westfield
YEAR TO DATE JUNE 30 - ACTIVITY BY PRICE
Essex*, Hunterdon, Morris, Somerset & Union* Counties
HOMES
Sales by Price
BEDMINSTER
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
10 Year Market History
Sales by Price
BERKELEY HEIGHTS
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Year Market History
Sales by Price
BERNARDS TWP.
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Market History
Sales by Price
BERNARDSVILLE
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Year Market History
Sales by Price
BOONTON TOWN
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Market History
Sales by Price
BOONTON TWP
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Sales by Price
BRIDGEWATER TWP.
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Market History
Sales by Price
CALIFON
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Sales by Price
CHATHAM BORO
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Market History
CHATHAM BORO
Sales by Price
CHATHAM TWP.
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Market History
Sales by Price
CHESTER BORO
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Sales by Price
CHESTER TWP.
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Year Market History
by Price
CLINTON TOWN
SECOND QUARTER 2024 MARKET REPORT
and Demand (as of June 30, 2024)
Sales by Price
CLINTON TWP.
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
CLINTON TOWNSHIP
Sales by Price
FAR HILLS
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Sales by Price
FLORHAM PARK
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
HOMES FOR SALE AT PERIOD END
Sales by Price
HARDING TWP.
SECOND QUARTER 2024 MARKET REPORT
Supply
and Demand (as of June 30, 2024)
Year Market History
HOMES FOR SALE AT PERIOD END
LEBANON BORO
SECOND QUARTER 2024 MARKET REPORT
Sales by Price Supply and Demand (as of June 30, 2024)
Sales by Price
LEBANON TWP.
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
HOMES FOR SALE AT PERIOD END
Sales by Price
LONG HILL TWP.
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
HOMES FOR SALE AT PERIOD END
SECOND QUARTER 2024 MARKET REPORT
Sales by Price
Supply and Demand (as of June 30, 2024)
Sales by Price
MAPLEWOOD
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Sales by Price
MENDHAM BORO
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
HOMES FOR SALE AT PERIOD END
Sales by Price
MENDHAM TWP.
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Year Market History
HOMES FOR SALE AT PERIOD END
MILLBURN
SECOND QUARTER 2024 MARKET REPORT
Sales by Price
Supply and Demand (as of June 30, 2024)
Sales by Price
MORRIS PLAINS
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Sales by Price
MORRIS TWP.
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Sales by Price
MORRISTOWN
SECOND QUARTER 2024 MARKET REPORT
Supply
and Demand (as of June 30, 2024)
Market History
Sales by Price
MOUNTAIN LAKES
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Market History
NEW PROVIDENCE
SECOND QUARTER 2024 MARKET REPORT
Sales by Price Supply and Demand (as of June 30, 2024)
Sales by Price
PEAPACK-GLADSTONE
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Market History
Sales by Price
RANDOLPH TWP.
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Sales by Price
READINGTON TWP.
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
HOMES FOR SALE AT PERIOD END
SUMMIT
SECOND QUARTER 2024 MARKET REPORT
Sales by Price
Supply and Demand (as of June 30, 2024)
Sales by Price
TEWKSBURY TWP.
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand
(as of June 30, 2024)
Market History
Sales by Price
WARREN
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Sales by Price
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Market History
Sales by Price
WATCHUNG
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
Sales by Price
SECOND QUARTER 2024 MARKET REPORT
Supply and Demand (as of June 30, 2024)
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