$6,994 Closing Credit*
$589,000
2 Beds
•2 Full Baths, 1 Partial
Listing Office: NEXTHOME NEW PROSPECTS REALTY
Is Springfield, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Springfield has remained a Seller's Market.
Key Takeaway
Springfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Springfield, NJ
How much do homes in Springfield, NJ cost?
Median Sold Price
$660,000
$360/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$110,000(+20.0%)
Key Takeaway
Homes in Springfield have sold for 20% more than they did a year ago.
Summary: The median home sold price in Springfield was $660,000 in October 2024, up 20% from last year, and the median price per square foot was $360.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $255K | $280K | +9.8% |
| 2 Bedrooms | $435K | $408K | -6.2% |
| 3 Bedrooms | $525K | $640K | +21.9% |
| 4 Bedrooms | $677K | $770K | +13.7% |
| 5+ Bedrooms | $885K | $972K | +9.8% |
Summary: Springfield housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.8%, 2 bedroom homes decreased by 6.2%, 3 bedroom homes increased by 21.9%, 4 bedroom homes increased by 13.7%, and 5+ bedroom homes increased by 9.8%.
Median Sold Price Compared To Nearby Cities
| Springfield | $550K | $660K | +20.0% |
| Springfield Township | $550K | $656.2K | +19.3% |
| Millburn | $1.1M | $1.2M | +15.3% |
| Mountainside | $850K | $894K | +5.2% |
Housing Supply in Springfield, NJ
How many homes are available in Springfield, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 42 | 45 | +7.1% |
Summary: The Springfield real estate market had 45 homes for sale in October 2024, a 7.1% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 5 | 6 | +20.0% |
| 3 Bedrooms | 13 | 16 | +23.1% |
| 4 Bedrooms | 18 | 19 | +5.6% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The Springfield housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 23.1%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 17 | 8 | -52.9% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Springfield, you could pay more than the asking price. 75% of homes here sold above asking price last month.
Summary: A total of 8 homes were sold or pending in Springfield in October 2024, down by 52.9% month-over-month. Of the 8 sold homes, 25% were sold under asking, 0% were sold at asking, and 75% were sold over asking.
Days on Market for Springfield, NJ
We’re sorry, we don't have information for this market at the moment
