ANNUAL 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 1/8/25.
• 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
The north-central New Jersey real estate market remains dynamic, as modest year-over-year inventory growth combines with steady buyer demand to fuel further price increases. This sustained demand, particularly in the most sought-after price ranges, continues to create challenges for buyers, who face heightened competition for available homes. While inventory gains signal a gradual shift toward balance, the current market environment underscores the ongoing pressures on affordability and access in this highly competitive region.
The $1-2 million price range continues to show strong performance across our region, with steady growth in both inventory and sales. Notably, unit sales increased more than 100% in Bridgewater, Clinton Township, Randolph, and Washington Township, indicating that greater numbers of luxury buyers are exploring these communities.
At the regional level, the luxury market above $3 million demonstrated notable momentum in December, with a 28% year-over-year increase in closed sales, despite a 20% decline in inventory for the month. Looking back over the year, strong demand for luxury properties was evident across varying municipalities, such as Bedminster (+400% YTD), Harding Township (+150% YTD), and Milburn-Short Hills (+36% YTD).
As our report illustrates, market conditions vary significantly by town, neighborhood and price range. If you’re considering a move, our experienced sales associates can provide detailed insights specific to your unique situation. Additionally, if your plans extend beyond our local market, we offer unparalleled connections to leading brokers worldwide through our global networks. We welcome your call!
John Turpin, President
Bedminster
Berkeley Heights
Bernards Twp.
Bernardsville
Boonton Town
Boonton Twp.
Bridgewater Twp.
Califon
Chatham Boro
Chatham Twp.
Chester Boro
Chester Twp.
Clinton Town
CONTENTS
REGIONAL RESULTS | DECEMBER 2024
Sales and Contracts | Month of December 2024
Activity by Price | Year-to-date December 31
RESULTS BY TOWN | ANNUAL 2024
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 DECEMBER 31 - ACTIVITY BY PRICE
Essex*, Hunterdon, Morris, Somerset
Union* Counties
Sales by Price
BEDMINSTER
Supply and Demand (as of December 31, 2024)
10 Year Market History
Sales by Price
BERKELEY HEIGHTS
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
Sales by Price
BERNARDS TWP.
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
HOMES FOR SALE AT PERIOD END
HOMES SOLD TOTAL DOLLAR VOLUME
Sales by Price
BERNARDSVILLE
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
Sales by Price
BOONTON TOWN
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
Sales by Price
BOONTON TWP
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
Sales by Price
BRIDGEWATER TWP.
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
Sales by Price
CALIFON
Supply and Demand (as of December 31, 2024)
Sales by Price
CHATHAM BORO
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
Year Market History
Sales by Price
CHATHAM TWP.
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
Sales by Price
CHESTER BORO
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
Sales by Price
CHESTER TWP.
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
10 Year Market History
Sales by Price
CLINTON TOWN
Supply and Demand (as of December 31, 2024)
Sales by Price
CLINTON TWP.
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
Sales by Price
FAR HILLS
Supply and Demand (as of December 31, 2024)
HOMES
Sales by Price
FLORHAM PARK
Supply and Demand (as of December 31, 2024)
Sales by Price
HARDING TWP.
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
Sales by Price
LEBANON BORO
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
HOMES FOR SALE AT PERIOD END
Sales by Price
LEBANON TWP.
Supply and Demand (as of December 31, 2024)
Sales by Price
LONG HILL TWP.
Supply and Demand (as of December 31, 2024)
Sales by Price
Supply and Demand (as of December 31, 2024)
Sales by Price
MAPLEWOOD
Supply and Demand (as of December 31, 2024)
Sales by Price
MENDHAM BORO
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
Sales by Price
MENDHAM TWP.
Supply and Demand (as of December 31, 2024)
Sales by Price
MILLBURN
Supply and Demand (as of December 31, 2024)
Sales by Price
MORRIS PLAINS
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
Sales by Price
MORRIS TWP.
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
Sales by Price
MORRISTOWN
ANNUAL 2024 MARKET REPORT
Supply
and
Demand
(as of December 31, 2024)
Sales by Price
MOUNTAIN LAKES
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
HOMES
Sales by Price
NEW PROVIDENCE
Supply and Demand (as of December 31, 2024)
Sales by Price
PEAPACK-GLADSTONE
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
HOMES
Sales by Price
RANDOLPH TWP.
Supply and Demand (as of December 31, 2024)
HOMES FOR SALE AT PERIOD END
READINGTON TWP.
ANNUAL 2024 MARKET REPORT
Sales by Price
Supply and Demand (as of December 31, 2024)
Sales by Price
SUMMIT
Supply and Demand (as of December 31, 2024)
Sales by Price
TEWKSBURY TWP.
ANNUAL 2024 MARKET REPORT
Supply
and Demand (as of December 31, 2024)
Sales by Price
Supply and Demand (as of December 31, 2024)
WASHINGTON TWP. (MORRIS COUNTY)
ANNUAL 2024 MARKET REPORT
Sales by Price
Supply
and
Demand
(as of December 31, 2024)
Market History
HOMES FOR SALE AT PERIOD END
Sales by Price
WATCHUNG
ANNUAL 2024 MARKET REPORT
Supply and Demand (as of December 31, 2024)
Sales by Price
Supply and Demand (as of December 31, 2024)
LOWEST RATES. GUARANTEED IN WRITING.
AS OF 1-13-2025
INTEREST RATE APR
JUMBO 30-YEAR FIXED**
FIRST-TIME HOMEBUYER 30-YEAR FIXED***
LEARN MORE
Hilltop Mortgage Group LLC NMLS # 2522152. 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:
* Based upon 75 LTV, Single Family Primary Home. Loan amounts greater than $350,000. FICO score 760 and above. Purchase Transactions (refinances may have different rates) - NJ-PA-FL-CTMA. ** Based upon 75 LTV, Single Family Primary Home. FICO score 760 and above. PurchasesHigh Balance loans are not available in every county. ***Based upon 96.5 LTV, Single Family Primary Home. Loan amounts greater than $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 Matt Chemis, Loan Advisor | NMLS# 2316591 | mchemis@hilltopmtg.com | Phone: 862-259-3250
