$2,007 Closing Credit*
$169,000
874 SqFt
2 Beds
•1 Full Bath, 1 Partial
Listing Office: Compass New Jersey-Ocean City
Is Farmington, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Farmington has remained a Seller's Market.
Key Takeaway
Farmington is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Farmington, NJ
How much do homes in Farmington, NJ cost?
Median Sold Price
$152,500
$156/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$22,500(-12.9%)
Key Takeaway
Homes in Farmington have sold for 12.9% less than they did a year ago.
Summary: The median home sold price in Farmington was $152,500 in November 2024, down 12.9% from last year, and the median price per square foot was $156.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $117.5K | $127.5K | +8.5% |
| 2 Bedrooms | $189K | $150K | -20.6% |
| 3 Bedrooms | $226.5K | $291K | +28.5% |
| 4 Bedrooms | $270.7K | $341.5K | +26.1% |
| 5+ Bedrooms | - | - | N/A |
Summary: Farmington housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.5%, 2 bedroom homes decreased by 20.6%, 3 bedroom homes increased by 28.5%, 4 bedroom homes increased by 26.1%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Pomona | $300K | $390K | +30.0% |
| Cardiff | $282.5K | $330K | +16.8% |
| Bargaintown | $355K | $400K | +12.7% |
| Farmington | $175K | $152.5K | -12.9% |
Housing Supply in Farmington, NJ
How many homes are available in Farmington, NJ?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 7 | 5 | -28.6% |
Summary: The Farmington real estate market had 5 homes for sale in November 2024, a 28.6% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 1 | 0 | -100.0% |
| 4 Bedrooms | 2 | 2 | 0.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Farmington housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 100%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 2 | 2 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Farmington, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Farmington in November 2024, the same as the previous month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Farmington, NJ
How long does it take to sell a home in Farmington, NJ?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 34 Days | 58 Days | +72.1% |
Summary: Homes in Farmington had an average of 58 days on market in Nov 2024, up by 72.1% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Farmington has remained consistent over time.
Summary: During November 2024, 2 homes were sold in Farmington; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Disclaimer: The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the South Jersey Shore Regional (SJSR) MLS. Real estate listings held by brokerage firms are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. © 2024 SJSR MLS. All rights reserved.