Is Cranbury, 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, Cranbury has remained a Seller's Market.
Key Takeaway
Cranbury is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Cranbury, NJ
How much do homes in Cranbury, NJ cost?
Median Sold Price
$640,000
$278/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Cranbury have sold for 4.9% more than they did a year ago.
Summary: The median home sold price in Cranbury was $640,000 in May 2024, up 4.9% from last year, and the median price per square foot was $278.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $175K | $209K | +19.4% |
| 2 Bedrooms | $255.5K | $305K | +19.4% |
| 3 Bedrooms | $606K | $610K | +0.7% |
| 4 Bedrooms | $815K | $737K | -9.6% |
| 5+ Bedrooms | $1.1M | $1.1M | +7.3% |
Summary: Cranbury housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.4%, 2 bedroom homes increased by 19.4%, 3 bedroom homes increased by 0.7%, 4 bedroom homes decreased by 9.6%, and 5+ bedroom homes increased by 7.3%.
Median Sold Price Compared To Nearby Cities
| Plainsboro | $555K | $630K | +13.5% |
| Plainsboro Township | $530.2K | $595.5K | +12.3% |
| East Windsor Township | $400K | $419.9K | +5.0% |
| Cranbury | $610K | $640K | +4.9% |
| Cranbury Township | $800K | $812K | +1.5% |
Housing Supply in Cranbury, NJ
How many homes are available in Cranbury, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 34 | 28 | -17.6% |
Summary: The Cranbury real estate market had 28 homes for sale in May 2024, a 17.6% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 9 | 9 | 0.0% |
| 3 Bedrooms | 8 | 6 | -25.0% |
| 4 Bedrooms | 14 | 11 | -21.4% |
| 5+ Bedrooms | 3 | 2 | -33.3% |
Summary: The Cranbury housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 25%, 4 bedroom homes decreased by 21.4%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 12 | 6 | -50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cranbury, you could pay more than the asking price. 83.3% of homes here sold above asking price last month.
Summary: A total of 6 homes were sold or pending in Cranbury in May 2024, down by 50.0% month-over-month. Of the 6 sold homes, 17% were sold under asking, 0% were sold at asking, and 83% were sold over asking.
Days on Market for Cranbury, NJ
How long does it take to sell a home in Cranbury, NJ?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 42 Days | 42 Days | +1.2% |
Summary: Homes in Cranbury had an average of 42 days on market in May 2024, up by 1.2% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Cranbury are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 6 homes were sold in Cranbury; 67% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
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