Is Basking Ridge, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Basking Ridge has remained a Seller's Market.
Key Takeaway
Basking Ridge is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Basking Ridge, NJ
How much do homes in Basking Ridge, NJ cost?
Median Sold Price
$783,500
$317/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Basking Ridge have sold for 7.3% more than they did a year ago.
Summary: The median home sold price in Basking Ridge was $783,500 in May 2024, up 7.3% from last year, and the median price per square foot was $317.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $275K | $309K | +12.4% |
| 2 Bedrooms | $361.5K | $450K | +24.5% |
| 3 Bedrooms | $645K | $737.7K | +14.4% |
| 4 Bedrooms | $935K | $1.1M | +24.6% |
| 5+ Bedrooms | $1.2M | $1.4M | +15.5% |
Summary: Basking Ridge housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.4%, 2 bedroom homes increased by 24.5%, 3 bedroom homes increased by 14.4%, 4 bedroom homes increased by 24.6%, and 5+ bedroom homes increased by 15.5%.
Median Sold Price Compared To Nearby Cities
| Warren Township | $950K | $1.0M | +15.3% |
| Long Hill Township | $630.5K | $690K | +9.4% |
| Millington | $666K | $725K | +8.9% |
| Bernards Township | $735.6K | $798.2K | +8.5% |
| Basking Ridge | $730K | $783.5K | +7.3% |
Housing Supply in Basking Ridge, NJ
How many homes are available in Basking Ridge, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 103 | 131 | +27.2% |
Summary: The Basking Ridge real estate market had 131 homes for sale in May 2024, a 27.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 5 | +25.0% |
| 2 Bedrooms | 27 | 32 | +18.5% |
| 3 Bedrooms | 19 | 23 | +21.1% |
| 4 Bedrooms | 29 | 33 | +13.8% |
| 5+ Bedrooms | 24 | 38 | +58.3% |
Summary: The Basking Ridge housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 18.5%, 3 bedroom homes increased by 21.1%, 4 bedroom homes increased by 13.8%, and 5+ bedroom homes increased by 58.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 28 | 28 | 0.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Basking Ridge, you could pay more than the asking price. 78.6% of homes here sold above asking price last month.
Summary: A total of 28 homes were sold or pending in Basking Ridge in May 2024, the same as the previous month. Of the 28 sold homes, 14% were sold under asking, 7% were sold at asking, and 79% were sold over asking.
Days on Market for Basking Ridge, NJ
How long does it take to sell a home in Basking Ridge, NJ?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 9 Days | 41 Days | +355.6% |
Summary: Homes in Basking Ridge had an average of 41 days on market in May 2024, up by 355.6% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Basking Ridge are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 28 homes were sold in Basking Ridge; 4% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement. 
Disclaimer: The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than Rocket Homes Real Estate, LLC are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.