Is Springfield, 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, Springfield has remained a Seller's Market.
Key Takeaway
Springfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Springfield, NJ
How much do homes in Springfield, NJ cost?
Median Sold Price
$613,000
$326/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Springfield have sold for 11.5% more than they did a year ago.
Summary: The median home sold price in Springfield was $613,000 in May 2024, up 11.5% from last year, and the median price per square foot was $326.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $240K | $280K | +16.7% |
| 2 Bedrooms | $435K | $400K | -8.0% |
| 3 Bedrooms | $520K | $575K | +10.6% |
| 4 Bedrooms | $670K | $739K | +10.3% |
| 5+ Bedrooms | $765K | $1.0M | +37.4% |
Summary: Springfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.7%, 2 bedroom homes decreased by 8%, 3 bedroom homes increased by 10.6%, 4 bedroom homes increased by 10.3%, and 5+ bedroom homes increased by 37.4%.
Median Sold Price Compared To Nearby Cities
| Springfield | $550K | $613K | +11.5% |
| Millburn | $999.9K | $1.1M | +11.0% |
| Springfield Township | $550K | $606.5K | +10.3% |
| Mountainside | $790K | $865K | +9.5% |
Housing Supply in Springfield, NJ
How many homes are available in Springfield, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 43 | 62 | +44.2% |
Summary: The Springfield real estate market had 62 homes for sale in May 2024, a 44.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 4 | +33.3% |
| 2 Bedrooms | 7 | 8 | +14.3% |
| 3 Bedrooms | 15 | 20 | +33.3% |
| 4 Bedrooms | 16 | 25 | +56.3% |
| 5+ Bedrooms | 2 | 5 | +150.0% |
Summary: The Springfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 56.3%, and 5+ bedroom homes increased by 150%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 8 | 15 | +87.5% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Springfield, you could pay more than the asking price. 80% of homes here sold above asking price last month.
Summary: A total of 15 homes were sold or pending in Springfield in May 2024, up by 87.5% month-over-month. Of the 15 sold homes, 13% were sold under asking, 7% were sold at asking, and 80% were sold over asking.
Days on Market for Springfield, NJ
How long does it take to sell a home in Springfield, NJ?
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Springfield are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 15 homes were sold in Springfield; 7% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
