Is South Plainfield, 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, South Plainfield has remained a Seller's Market.
Key Takeaway
South Plainfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in South Plainfield, NJ
How much do homes in South Plainfield, NJ cost?
Median Sold Price
$517,500
$300/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in South Plainfield have sold for 15% more than they did a year ago.
Summary: The median home sold price in South Plainfield was $517,500 in May 2024, up 15% from last year, and the median price per square foot was $300.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $340K | - | N/A |
| 2 Bedrooms | $350K | $373.6K | +6.7% |
| 3 Bedrooms | $448K | $510K | +13.8% |
| 4 Bedrooms | $525K | $605K | +15.2% |
| 5+ Bedrooms | $610K | $782.5K | +28.3% |
Summary: South Plainfield 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 6.7%, 3 bedroom homes increased by 13.8%, 4 bedroom homes increased by 15.2%, and 5+ bedroom homes increased by 28.3%.
Median Sold Price Compared To Nearby Cities
| South Plainfield | $450K | $517.5K | +15.0% |
| Plainfield | $400K | $450K | +12.5% |
| Edison Township | $485K | $542.3K | +11.8% |
| Piscataway | $456.2K | $500K | +9.6% |
| Piscataway Township | $455K | $489.9K | +7.7% |
Housing Supply in South Plainfield, NJ
How many homes are available in South Plainfield, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 74 | 80 | +8.1% |
Summary: The South Plainfield real estate market had 80 homes for sale in May 2024, a 8.1% 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 | 11 | 8 | -27.3% |
| 3 Bedrooms | 37 | 49 | +32.4% |
| 4 Bedrooms | 21 | 16 | -23.8% |
| 5+ Bedrooms | 5 | 7 | +40.0% |
Summary: The South Plainfield 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 decreased by 27.3%, 3 bedroom homes increased by 32.4%, 4 bedroom homes decreased by 23.8%, and 5+ bedroom homes increased by 40%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 15 | 22 | +46.7% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
20 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Plainfield, you could pay more than the asking price. 90.9% of homes here sold above asking price last month.
Summary: A total of 22 homes were sold or pending in South Plainfield in May 2024, up by 46.7% month-over-month. Of the 22 sold homes, 0% were sold under asking, 9% were sold at asking, and 91% were sold over asking.
Days on Market for South Plainfield, NJ
How long does it take to sell a home in South Plainfield, NJ?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 18 Days | 27 Days | +48.4% |
Summary: Homes in South Plainfield had an average of 27 days on market in May 2024, up by 48.4% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South Plainfield are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 22 homes were sold in South Plainfield; 50% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
The data relating to real estate for sale on this web-site comes in part from the Internet Listing Display database of the CENTRAL JERSEY MULTIPLE LISTING SYSTEM. Real estate listings held by brokerage firms other than this site-owner are marked with the ILD logo. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM does not warrant the accuracy, quality, reliability, suitability, completeness, usefulness or effectiveness of any information provided. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify properties the consumer may be interested in purchasing or renting. Copyright 2024, CENTRAL JERSEY MULTIPLE LISTING SYSTEM. All Rights Reserved. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM retains all rights, title and interest in and to its trademarks, service marks and copyrighted material.