Is Fairfield, 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, Fairfield was a Seller's Market.
Key Takeaway
Fairfield is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Fairfield, NJ
How much do homes in Fairfield, NJ cost?
Median Sold Price
$705,000
-
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Fairfield have sold for 6.8% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $575K | $620K | +7.8% |
| 3 Bedrooms | $580K | $587.4K | +1.3% |
| 4 Bedrooms | $720K | $727.5K | +1.0% |
| 5+ Bedrooms | $1.0M | $1.0M | -2.0% |
Summary: Fairfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 7.8%, 3 bedroom homes increased by 1.3%, 4 bedroom homes increased by 1%, and 5+ bedroom homes decreased by 2%.
Median Sold Price Compared To Nearby Cities
| Pine Brook | $700K | $823K | +17.6% |
| Fairfield Township | $652.5K | $700K | +7.3% |
| Fairfield | $660K | $705K | +6.8% |
| Montville Township | $705K | $745K | +5.7% |
| Lincoln Park | $417.5K | $440K | +5.4% |
Housing Supply in Fairfield, NJ
How many homes are available in Fairfield, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 29 | 35 | +20.7% |
Summary: The Fairfield real estate market had 35 homes for sale in May 2024, a 20.7% increase 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 | 0 | 1 | +100.0% |
| 3 Bedrooms | 11 | 15 | +36.4% |
| 4 Bedrooms | 16 | 14 | -12.5% |
| 5+ Bedrooms | 2 | 5 | +150.0% |
Summary: The Fairfield 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 increased by 100%, 3 bedroom homes increased by 36.4%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes increased by 150%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 8 | 4 | -50.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Fairfield, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Fairfield in May 2024, down by 50.0% month-over-month. Of the 4 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for Fairfield, NJ
We’re sorry, we don't have information for this market at the moment
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