Is Union County, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Union County was a Seller's Market.
Housing Prices in Union County, NJ
How much do homes in Union County, NJ cost?
Median Sold Price
$554,850
$304/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Union County was $554,850 in April 2024, up 10.8% from last year, and the median price per square foot was $304.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $200K | $231.2K | +15.6% |
2 Bedrooms | $350K | $398.9K | +14.0% |
3 Bedrooms | $464.9K | $515K | +10.8% |
4 Bedrooms | $583.9K | $650.1K | +11.3% |
5+ Bedrooms | $961.7K | $999.3K | +3.9% |
Summary: Union County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.6%, 2 bedroom homes increased by 14%, 3 bedroom homes increased by 10.8%, 4 bedroom homes increased by 11.3%, and 5+ bedroom homes increased by 3.9%.
Median Sold Price Compared To Nearby Counties
Somerset County | $509.5K | $577.2K | +13.3% |
Union County | $500.6K | $554.8K | +10.8% |
Essex County | $550.9K | $600.7K | +9.0% |
Richmond County | $650K | $659.6K | +1.5% |
Housing Supply in Union County, NJ
How many homes are available in Union County, NJ?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
1,245 | 1,479 | +18.8% |
Summary: The Union County real estate market had 1,479 homes for sale in April 2024, a 18.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 38 | 33 | -13.2% |
2 Bedrooms | 132 | 136 | +3.0% |
3 Bedrooms | 447 | 535 | +19.7% |
4 Bedrooms | 343 | 412 | +20.1% |
5+ Bedrooms | 285 | 363 | +27.4% |
Summary: The Union County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 13.2%, 2 bedroom homes increased by 3%, 3 bedroom homes increased by 19.7%, 4 bedroom homes increased by 20.1%, and 5+ bedroom homes increased by 27.4%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
253 | 239 | -5.5% |
Asking Price vs. Sold Price
35 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
191 Homes Were Sold
Over Asking
Summary: A total of 239 homes were sold or pending in Union County in April 2024, down by 5.5% month-over-month. Of the 239 sold homes, 15% were sold under asking, 5% were sold at asking, and 80% were sold over asking.
Days on Market for Union County, NJ
How long does it take to sell a home in Union County, NJ?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
46 Days | 45 Days | -1.9% |
Summary: Homes in Union County had an average of 45 days on market in Apr 2024, down by 1.9% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 239 homes were sold in Union County; 4% of homes were sold within 30 days, 2% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.