Is Scotch Plains, 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, Scotch Plains has remained a Seller's Market.
Key Takeaway
Scotch Plains is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Scotch Plains, NJ
How much do homes in Scotch Plains, NJ cost?
Median Sold Price
$740,000
$384/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Scotch Plains have sold for 9.5% more than they did a year ago.
Summary: The median home sold price in Scotch Plains was $740,000 in May 2024, up 9.5% from last year, and the median price per square foot was $384.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $255K | $309K | +21.2% |
| 2 Bedrooms | $430K | $450K | +4.7% |
| 3 Bedrooms | $565K | $643.5K | +13.9% |
| 4 Bedrooms | $710.5K | $816.7K | +15.0% |
| 5+ Bedrooms | $1.1M | $1.2M | +6.1% |
Summary: Scotch Plains housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.2%, 2 bedroom homes increased by 4.7%, 3 bedroom homes increased by 13.9%, 4 bedroom homes increased by 15%, and 5+ bedroom homes increased by 6.1%.
Median Sold Price Compared To Nearby Cities
| Westfield | $951.3K | $1.1M | +20.9% |
| Fanwood | $615K | $685K | +11.4% |
| Scotch Plains Township | $676.2K | $748.3K | +10.7% |
| Scotch Plains | $675.6K | $740K | +9.5% |
| Watchung | $882.5K | $945K | +7.1% |
Housing Supply in Scotch Plains, NJ
How many homes are available in Scotch Plains, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 66 | 80 | +21.2% |
Summary: The Scotch Plains real estate market had 80 homes for sale in May 2024, a 21.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 2 | +100.0% |
| 2 Bedrooms | 5 | 5 | 0.0% |
| 3 Bedrooms | 16 | 19 | +18.8% |
| 4 Bedrooms | 23 | 25 | +8.7% |
| 5+ Bedrooms | 22 | 29 | +31.8% |
Summary: The Scotch Plains housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 18.8%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes increased by 31.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 13 | 14 | +7.7% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Scotch Plains, you could pay more than the asking price. 85.7% of homes here sold above asking price last month.
Summary: A total of 14 homes were sold or pending in Scotch Plains in May 2024, up by 7.7% month-over-month. Of the 14 sold homes, 7% were sold under asking, 7% were sold at asking, and 86% were sold over asking.
Days on Market for Scotch Plains, NJ
How long does it take to sell a home in Scotch Plains, NJ?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 34 Days | +56.8% |
Summary: Homes in Scotch Plains had an average of 34 days on market in May 2024, up by 56.8% 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 Scotch Plains are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 14 homes were sold in Scotch Plains; 7% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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