Is Cranford, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Cranford was a Seller's Market.
Key Takeaway
Cranford is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Cranford, NJ
How much do homes in Cranford, NJ cost?
Median Sold Price
$685,000
$515/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Cranford have sold for 10.5% more than they did a year ago.
Summary: The median home sold price in Cranford was $685,000 in May 2024, up 10.5% from last year, and the median price per square foot was $515.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $262K | $277K | +5.7% |
| 2 Bedrooms | $320K | $427.5K | +33.6% |
| 3 Bedrooms | $585.3K | $648.8K | +10.9% |
| 4 Bedrooms | $725K | $766.2K | +5.7% |
| 5+ Bedrooms | $885K | $999K | +12.9% |
Summary: Cranford housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.7%, 2 bedroom homes increased by 33.6%, 3 bedroom homes increased by 10.9%, 4 bedroom homes increased by 5.7%, and 5+ bedroom homes increased by 12.9%.
Median Sold Price Compared To Nearby Cities
| Cranford Township | $619K | $685K | +10.7% |
| Kenilworth | $499.5K | $552.5K | +10.6% |
| Cranford | $620K | $685K | +10.5% |
| Garwood | $525K | $570K | +8.6% |
Housing Supply in Cranford, NJ
How many homes are available in Cranford, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 78 | 82 | +5.1% |
Summary: The Cranford real estate market had 82 homes for sale in May 2024, a 5.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 11 | 11 | 0.0% |
| 3 Bedrooms | 35 | 38 | +8.6% |
| 4 Bedrooms | 19 | 21 | +10.5% |
| 5+ Bedrooms | 13 | 11 | -15.4% |
Summary: The Cranford 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 8.6%, 4 bedroom homes increased by 10.5%, and 5+ bedroom homes decreased by 15.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 22 | 13 | -40.9% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cranford, you could pay more than the asking price. 69.2% of homes here sold above asking price last month.
Summary: A total of 13 homes were sold or pending in Cranford in May 2024, down by 40.9% month-over-month. Of the 13 sold homes, 23% were sold under asking, 8% were sold at asking, and 69% were sold over asking.
Days on Market for Cranford, NJ
We’re sorry, we don't have information for this market at the moment
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