Is Montclair, 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, Montclair has remained a Seller's Market.
Key Takeaway
Montclair is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Montclair, NJ
How much do homes in Montclair, NJ cost?
Median Sold Price
$1,185,000
$427/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Montclair have sold for 18.7% more than they did a year ago.
Summary: The median home sold price in Montclair was $1,185,000 in May 2024, up 18.7% from last year, and the median price per square foot was $427.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $275K | $285K | +3.6% |
| 2 Bedrooms | $437.5K | $465K | +6.3% |
| 3 Bedrooms | $722.5K | $660K | -8.6% |
| 4 Bedrooms | $967.5K | $1.2M | +24.2% |
| 5+ Bedrooms | $1.5M | $1.5M | +3.3% |
Summary: Montclair housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.6%, 2 bedroom homes increased by 6.3%, 3 bedroom homes decreased by 8.6%, 4 bedroom homes increased by 24.2%, and 5+ bedroom homes increased by 3.3%.
Median Sold Price Compared To Nearby Cities
| Montclair | $998.1K | $1.1M | +18.7% |
| Montclair Township | $999.4K | $1.1M | +18.6% |
| Glen Ridge | $877.4K | $995.4K | +13.5% |
| Bloomfield Township | $475K | $536K | +12.8% |
| Verona | $595K | $665K | +11.8% |
Housing Supply in Montclair, NJ
How many homes are available in Montclair, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 101 | 139 | +37.6% |
Summary: The Montclair real estate market had 139 homes for sale in May 2024, a 37.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 4 | +300.0% |
| 2 Bedrooms | 6 | 7 | +16.7% |
| 3 Bedrooms | 10 | 17 | +70.0% |
| 4 Bedrooms | 25 | 29 | +16.0% |
| 5+ Bedrooms | 59 | 82 | +39.0% |
Summary: The Montclair housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 300%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 70%, 4 bedroom homes increased by 16%, and 5+ bedroom homes increased by 39%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 24 | +41.2% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Montclair, you could pay more than the asking price. 91.7% of homes here sold above asking price last month.
Summary: A total of 24 homes were sold or pending in Montclair in May 2024, up by 41.2% month-over-month. Of the 24 sold homes, 8% were sold under asking, 0% were sold at asking, and 92% were sold over asking.
Days on Market for Montclair, NJ
How long does it take to sell a home in Montclair, 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 Montclair are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 24 homes were sold in Montclair; 4% 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.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Monmouth/Ocean MLS Monmouth County Association Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2024 Monmouth/Ocean MLS Monmouth County Association Board of Realtors. All Rights Reserved.