THIRD 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 10/8/24.
• 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
THIRD QUARTER 2024 MARKET REPORT
The north central New Jersey real estate market, like many others nationwide, is transitioning from a historic seller’s market to a more balanced market reminiscent of pre-pandemic times. Overall, listing inventory continues to rise while buyer demand remains relatively steady. This shift has resulted in greater availability for buyers and a more moderate pace of price appreciation.
The $1-2 million segment continues performing exceptionally well, with inventory and sales steadily increasing. However, the over-$3 million market has truly surged, with a remarkable 77% increase in contracts pending year-to-date, compared to the same period last year. This impressive growth spans various municipalities, from Millburn-Short Hills to Harding Township and Far Hills, showcasing broad-based strength in the high-end market.
As always, market trends can vary significantly from town to town and even from neighborhood to neighborhood. If you are considering a move, I encourage you to contact one of our knowledgeable sales associates. They can provide detailed insights into what is happening in your specific area. Additionally, if your plans extend beyond the local markets, our agents can connect you with leading brokers worldwide through our extensive global networks.
John Turpin, President
CONTENTS
REGIONAL RESULTS | SEPTEMBER 2024
Sales and Contracts | Month of September 2024
Activity by Price | Year-to-date September 30
RESULTS BY TOWN | THIRD 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 SEPTEMBER 30 - ACTIVITY BY PRICE
Essex*, Hunterdon, Morris, Somerset & Union* Counties
Sales by Price
BEDMINSTER
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
10 Year Market History
Sales by Price
BERKELEY HEIGHTS
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Year Market History
Sales by Price
BERNARDS TWP.
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Year Market History
Sales by Price
BERNARDSVILLE
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Market History
Sales by Price
BOONTON TOWN
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Market History
Sales by Price
BOONTON TWP
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
BRIDGEWATER TWP.
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Market History
Sales by Price
CALIFON
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
CHATHAM BORO
THIRD QUARTER 2024 MARKET REPORT
Supply
and Demand (as of September 30, 2024)
Year Market History
Sales by Price
CHATHAM TWP.
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
CHESTER BORO
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
CHESTER TWP.
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
10 Year Market History
Sales by Price
CLINTON TOWN
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
CLINTON TWP.
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
FAR HILLS
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
FLORHAM PARK
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
HARDING TWP.
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
LEBANON BORO
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
LEBANON TWP.
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
LONG HILL TWP.
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
MAPLEWOOD
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
MENDHAM BORO
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
MENDHAM TWP.
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
MILLBURN
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
MORRIS PLAINS
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
MORRIS TWP.
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
MORRISTOWN
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as
of September 30, 2024)
Sales by Price
MOUNTAIN LAKES
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Market History
Sales by Price
NEW PROVIDENCE
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
PEAPACK-GLADSTONE
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Market History
Sales by Price
RANDOLPH TWP.
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
HOMES
Sales by Price
READINGTON TWP.
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
HOMES FOR SALE AT PERIOD END
SUMMIT
THIRD QUARTER 2024 MARKET REPORT
Sales by Price
Supply and Demand (as of September 30, 2024)
Sales by Price
TEWKSBURY TWP.
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand
(as of September 30, 2024)
Market History
Sales by Price
WARREN
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
WASHINGTON TWP. (MORRIS COUNTY)
THIRD QUARTER 2024 MARKET REPORT
Sales by Price
Supply and Demand (as of September 30, 2024)
Market History
Sales by Price
WATCHUNG
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
Sales by Price
THIRD QUARTER 2024 MARKET REPORT
Supply and Demand (as of September 30, 2024)
LOWEST RATES. GUARANTEED IN WRITING.
AS OF 10-15-2024
INTEREST RATE APR
JUMBO 30-YEAR FIXED**
FIRST-TIME HOMEBUYER 30-YEAR FIXED***
Hilltop Mortgage Group LLC NMLS # 2316591. Programs, rates and conditions are subject to change without notice. Rates can be lower depending on your exact scenario. Call for current pricing for your exact scenario. ARM Loans, APR may increase after closing. Rates may vary depending on each individual credit history and underwriting factors and may contain points. All rates are 35 day lock periods (longer terms available). Rate quotes based on scenarios below. * Conventional max. loan $766,550 Based upon 75 LTV, Single Family Home. Loan amounts greater than $350,000. FICO score 760 and above. Purchase transactions (refinances may have different rates) - NJ. ** Jumbo loan amounts > $1,149,825. Based upon 75 LTV, Single Family Primary Home. FICO score 760 and above. Purchases – High balance loans are not available in every county. *** First-time homebuyer max. loan $766,550. Based upon 96.5 LTV, Single Family Primary Home. Loan amounts greater then $200,000. FICO score 680 and above. Turpin Real Estate has a business relationship with Hilltop Mortgage Group, including an indirect owner in common. Turpin Real Estate may receive a financial or other benefit from Hilltop Mortgage Group business.
Hilltop Mortgage, LLC | 8 E Main Street, Suite 2, Mendham, NJ 07945 mchemis@hilltopmtg.com | Phone: 862-259-3250
