Is South Orange, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing South Orange is a buyer's market

Buyer's
Market

Difference Since October 2023

At the same time last year, South Orange was a Seller's Market.

Key Takeaway

South Orange is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in South Orange, NJ

How much do homes in South Orange, NJ cost?

Median Sold Price

$995,000

$446/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$42,000(+4.4%)

Key Takeaway

Homes in South Orange have sold for 4.4% more than they did a year ago.

Summary: The median home sold price in South Orange was $995,000 in October 2024, up 4.4% from last year, and the median price per square foot was $446.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $225K$221.5K
-1.6%
2 $370K$587K
+58.6%
3 $595K$770K
+29.4%
4 $912.5K$950K
+4.1%
5+ $1.1M$1.3M
+11.9%

Summary: South Orange housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.6%, 2 bedroom homes increased by 58.6%, 3 bedroom homes increased by 29.4%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes increased by 11.9%.

Median Sold Price Compared To Nearby Cities

City Of Orange Township
+25.4%
Maplewood Township
+16.8%
Maplewood
+16.0%
South Orange
+4.4%
South Orange Village Township
+4.4%

Housing Supply in South Orange, NJ

How many homes are available in South Orange, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
5662+10.7%

Summary: The South Orange real estate market had 62 homes for sale in October 2024, a 10.7% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 13
+200.0%
2 56
+20.0%
3 88
0.0%
4 1214
+16.7%
5+ 3031
+3.3%

Summary: The South Orange housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 20%, 3 bedroom homes remained the same, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 3.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
770.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in South Orange, 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 South Orange in October 2024, the same as the previous month. Of the 7 sold homes, 29% were sold under asking, 0% were sold at asking, and 71% were sold over asking.

Days on Market for South Orange, NJ

We’re sorry, we don't have information for this market at the moment

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in South Orange, NJ

Nearby Markets to South Orange, NJ

What housing markets are near South Orange, NJ?