Is Mountain Lakes, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Mountain Lakes was a Seller's Market.
Key Takeaway
Mountain Lakes is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Mountain Lakes, NJ
How much do homes in Mountain Lakes, NJ cost?
Median Sold Price
$921,500
-
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
The sold price of homes in Mountain Lakes has remained the same since last year.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $469K | $602.5K | +28.5% |
| 3 Bedrooms | $705K | $819K | +16.2% |
| 4 Bedrooms | $900K | $1.0M | +18.9% |
| 5+ Bedrooms | $1.2M | $1.2M | -1.6% |
Summary: Mountain Lakes 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 28.5%, 3 bedroom homes increased by 16.2%, 4 bedroom homes increased by 18.9%, and 5+ bedroom homes decreased by 1.6%.
Median Sold Price Compared To Nearby Cities
| Parsippany-Troy Hills Township | $535K | $585K | +9.3% |
| Boonton | $608.4K | $660K | +8.5% |
| Parsippany | $582K | $630K | +8.2% |
| Denville | $543.3K | $555K | +2.1% |
| Mountain Lakes | $920K | $921.5K | 0.2% |
Housing Supply in Mountain Lakes, NJ
How many homes are available in Mountain Lakes, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 23 | 28 | +21.7% |
Summary: The Mountain Lakes real estate market had 28 homes for sale in May 2024, a 21.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 0 | -100.0% |
| 3 Bedrooms | 5 | 6 | +20.0% |
| 4 Bedrooms | 3 | 6 | +100.0% |
| 5+ Bedrooms | 14 | 16 | +14.3% |
Summary: The Mountain Lakes housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 100%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 3 | +50.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Mountain Lakes, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 3 homes were sold or pending in Mountain Lakes in May 2024, up by 50.0% month-over-month. Of the 3 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for Mountain Lakes, NJ
We’re sorry, we don't have information for this market at the moment
