Is Oak Ridge, 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, Oak Ridge has remained a Seller's Market.
Key Takeaway
Oak Ridge is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Oak Ridge, NJ
How much do homes in Oak Ridge, NJ cost?
Median Sold Price
$430,000
-
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Oak Ridge have sold for 7.5% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $245K | $250K | +2.0% |
| 2 Bedrooms | $277.5K | $328.7K | +18.5% |
| 3 Bedrooms | $390.7K | $425K | +8.8% |
| 4 Bedrooms | $565K | $584.4K | +3.4% |
| 5+ Bedrooms | $705K | $627.5K | -11.0% |
Summary: Oak Ridge housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2%, 2 bedroom homes increased by 18.5%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes decreased by 11%.
Median Sold Price Compared To Nearby Cities
| West Milford Township | $357.5K | $410K | +14.7% |
| Oak Ridge | $400K | $430K | +7.5% |
| Jefferson Township | $422K | $430K | +1.9% |
| Newfoundland | $520K | $511.5K | -1.6% |
| Lake Hopatcong | $460K | $450K | -2.2% |
Housing Supply in Oak Ridge, NJ
How many homes are available in Oak Ridge, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 39 | 40 | +2.6% |
Summary: The Oak Ridge real estate market had 40 homes for sale in May 2024, a 2.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 10 | 7 | -30.0% |
| 3 Bedrooms | 15 | 15 | 0.0% |
| 4 Bedrooms | 13 | 16 | +23.1% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Oak Ridge 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 30%, 3 bedroom homes remained the same, 4 bedroom homes increased by 23.1%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 7 | -30.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Oak Ridge, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in Oak Ridge in May 2024, down by 30.0% month-over-month. Of the 7 sold homes, 43% were sold under asking, 14% were sold at asking, and 43% were sold over asking.
Days on Market for Oak Ridge, NJ
How long does it take to sell a home in Oak Ridge, 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 Oak Ridge are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 7 homes were sold in Oak Ridge; 14% 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.
