$8,906 Closing Credit*
$750,000
3 Beds
•2 Full Baths, 2 Partial
Listing Office: SIGNATURE REALTY NJ
Is Madison, 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, Madison was a Seller's Market.
Key Takeaway
Madison is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Madison, NJ
How much do homes in Madison, NJ cost?
Median Sold Price
$945,000
-
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$45,000(+5.0%)
Key Takeaway
Homes in Madison have sold for 5% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $400K | - | N/A |
| 2 Bedrooms | $470K | $469.5K | -0.1% |
| 3 Bedrooms | $762.5K | $770K | +1.0% |
| 4 Bedrooms | $1.0M | $1.1M | +3.9% |
| 5+ Bedrooms | $1.7M | $1.9M | +9.0% |
Summary: Madison 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 decreased by 0.1%, 3 bedroom homes increased by 1%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes increased by 9%.
Median Sold Price Compared To Nearby Cities
| Chatham Township | $1.0M | $1.1M | +5.8% |
| Madison | $900K | $945K | +5.0% |
| Florham Park | $900K | $945K | +5.0% |
| Chatham | $1.0M | $1.0M | +4.9% |
Housing Supply in Madison, NJ
How many homes are available in Madison, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 34 | 45 | +32.4% |
Summary: The Madison real estate market had 45 homes for sale in October 2024, a 32.4% 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 | 4 | 4 | 0.0% |
| 3 Bedrooms | 9 | 10 | +11.1% |
| 4 Bedrooms | 12 | 13 | +8.3% |
| 5+ Bedrooms | 9 | 18 | +100.0% |
Summary: The Madison 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 increased by 11.1%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 5 | 7 | +40.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Madison, you could pay more than the asking price. 71.4% of homes here sold above asking price last month.
Summary: A total of 7 homes were sold or pending in Madison in October 2024, up by 40.0% month-over-month. Of the 7 sold homes, 14% were sold under asking, 14% were sold at asking, and 71% were sold over asking.
Days on Market for Madison, NJ
We’re sorry, we don't have information for this market at the moment
