Is Hillsborough, 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, Hillsborough was a Seller's Market.
Key Takeaway
Hillsborough 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 Hillsborough, NJ
How much do homes in Hillsborough, NJ cost?
Median Sold Price
$528,750
$298/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Hillsborough have sold for 7.9% more than they did a year ago.
Summary: The median home sold price in Hillsborough was $528,750 in May 2024, up 7.9% from last year, and the median price per square foot was $298.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $190K | $240K | +26.3% |
| 2 Bedrooms | $342.5K | $400.8K | +17.0% |
| 3 Bedrooms | $480.5K | $545K | +13.4% |
| 4 Bedrooms | $700K | $782.5K | +11.8% |
| 5+ Bedrooms | $737.5K | $895.5K | +21.4% |
Summary: Hillsborough housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 26.3%, 2 bedroom homes increased by 17%, 3 bedroom homes increased by 13.4%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes increased by 21.4%.
Median Sold Price Compared To Nearby Cities
| Hillsborough | $490K | $528.7K | +7.9% |
| Hillsborough Township | $490K | $525K | +7.1% |
Housing Supply in Hillsborough, NJ
How many homes are available in Hillsborough, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 132 | 149 | +12.9% |
Summary: The Hillsborough real estate market had 149 homes for sale in May 2024, a 12.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 5 | -16.7% |
| 2 Bedrooms | 30 | 28 | -6.7% |
| 3 Bedrooms | 37 | 37 | 0.0% |
| 4 Bedrooms | 46 | 58 | +26.1% |
| 5+ Bedrooms | 13 | 21 | +61.5% |
Summary: The Hillsborough housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes decreased by 6.7%, 3 bedroom homes remained the same, 4 bedroom homes increased by 26.1%, and 5+ bedroom homes increased by 61.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 33 | 23 | -30.3% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hillsborough, you could pay more than the asking price. 69.6% of homes here sold above asking price last month.
Summary: A total of 23 homes were sold or pending in Hillsborough in May 2024, down by 30.3% month-over-month. Of the 23 sold homes, 26% were sold under asking, 4% were sold at asking, and 70% were sold over asking.
Days on Market for Hillsborough, NJ
How long does it take to sell a home in Hillsborough, NJ?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 10 Days | 8 Days | -19.0% |
Summary: Homes in Hillsborough had an average of 8 days on market in May 2024, down by 19% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hillsborough are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 23 homes were sold in Hillsborough; 9% 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.
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