$10,000 Closing Credit*
$1,999,999
5 Beds
•5 Full Baths, 1 Partial
Peter Moriello, Listing Office: Signature Realty NJ LLC
Is Franklin Lakes, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Franklin Lakes was a Neutral Market.
Key Takeaway
Franklin Lakes is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Franklin Lakes, NJ
How much do homes in Franklin Lakes, NJ cost?
Median Sold Price
$1,200,000
$399/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$101,000(+9.2%)
Key Takeaway
Homes in Franklin Lakes have sold for 9.2% more than they did a year ago.
Summary: The median home sold price in Franklin Lakes was $1,200,000 in October 2024, up 9.2% from last year, and the median price per square foot was $399.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $215K | - | N/A |
| 2 Bedrooms | - | - | N/A |
| 3 Bedrooms | $895K | $860K | -3.9% |
| 4 Bedrooms | $1.0M | $1.1M | +10.2% |
| 5+ Bedrooms | $1.7M | $2.2M | +33.6% |
Summary: Franklin Lakes housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes decreased by 3.9%, 4 bedroom homes increased by 10.2%, and 5+ bedroom homes increased by 33.6%.
Median Sold Price Compared To Nearby Cities
| Franklin Lakes | $1.0M | $1.2M | +9.2% |
| Oakland | $630K | $634.7K | +0.8% |
| Wyckoff | $910K | $905K | -0.5% |
| Wyckoff Township | $910K | $905K | -0.5% |
| Mahwah Township | $600K | $581.4K | -3.1% |
Housing Supply in Franklin Lakes, NJ
How many homes are available in Franklin Lakes, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 39 | 42 | +7.7% |
Summary: The Franklin Lakes real estate market had 42 homes for sale in October 2024, a 7.7% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 2 | 2 | 0.0% |
| 4 Bedrooms | 7 | 8 | +14.3% |
| 5+ Bedrooms | 29 | 31 | +6.9% |
Summary: The Franklin Lakes housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 6.9%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1 | 3 | +200.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Franklin Lakes, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 3 homes were sold or pending in Franklin Lakes in October 2024, up by 200.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market for Franklin Lakes, NJ
We’re sorry, we don't have information for this market at the moment
