Is Bloomfield Township, 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, Bloomfield Township was a Seller's Market.
Key Takeaway
Bloomfield Township 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 Bloomfield Township, NJ
How much do homes in Bloomfield Township, NJ cost?
Median Sold Price
$536,000
$401/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Bloomfield Township have sold for 12.8% more than they did a year ago.
Summary: The median home sold price in Bloomfield Township was $536,000 in May 2024, up 12.8% from last year, and the median price per square foot was $401.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $215K | $250K | +16.3% |
| 2 Bedrooms | $335K | $360K | +7.5% |
| 3 Bedrooms | $500K | $545K | +9.0% |
| 4 Bedrooms | $541K | $600K | +10.9% |
| 5+ Bedrooms | $540K | $635K | +17.6% |
Summary: Bloomfield Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.3%, 2 bedroom homes increased by 7.5%, 3 bedroom homes increased by 9%, 4 bedroom homes increased by 10.9%, and 5+ bedroom homes increased by 17.6%.
Median Sold Price Compared To Nearby Cities
| Glen Ridge | $877.4K | $995.4K | +13.5% |
| Bloomfield Township | $475K | $536K | +12.8% |
| Bloomfield | $475K | $536K | +12.8% |
| Nutley | $520.8K | $581K | +11.6% |
| Belleville | $400K | $428K | +7.0% |
Housing Supply in Bloomfield Township, NJ
How many homes are available in Bloomfield Township, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 110 | 142 | +29.1% |
Summary: The Bloomfield Township real estate market had 142 homes for sale in May 2024, a 29.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 8 | 0.0% |
| 2 Bedrooms | 16 | 16 | 0.0% |
| 3 Bedrooms | 42 | 58 | +38.1% |
| 4 Bedrooms | 20 | 30 | +50.0% |
| 5+ Bedrooms | 24 | 30 | +25.0% |
Summary: The Bloomfield Township 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 increased by 38.1%, 4 bedroom homes increased by 50%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 22 | +29.4% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Bloomfield Township, you could pay more than the asking price. 95.5% of homes here sold above asking price last month.
Summary: A total of 22 homes were sold or pending in Bloomfield Township in May 2024, up by 29.4% month-over-month. Of the 22 sold homes, 0% were sold under asking, 5% were sold at asking, and 95% were sold over asking.
Days on Market for Bloomfield Township, NJ
How long does it take to sell a home in Bloomfield Township, NJ?
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Bloomfield Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 22 homes were sold in Bloomfield Township; 5% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
