The Good Life Group's Market Report
Short Hills, NJ 07078
Single-Family Homes
Amy Paternite | 917-442-5130 and Ben Garrison | 917-940-3158
Short Hills, NJ 07078
Wed May 15 2024
This week the median list price for Short Hills, NJ 07078 is $3,188,000 with the market action index hovering around 51. This is less than last month's market action index of 52. Inventory has increased to 27.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
The market has begun to heat up in recent weeks. We’re already in a Seller’s market and not surprisingly prices are showing evidence of moving up along with the lower levels of inventory.
Real-Time Market Profile
| Median List Price | $3,188,000 | |
| Median Price of New Listings | $2,441,500 | |
| Per Square Foot | $632 | |
| Average Days on Market | 86 | |
| Median Days on Market | 28 | |
| Price Decreased | 33% | |
| Price Increased | 0% | |
| Relisted | 11% | |
| Inventory | 27 | |
| Median Rent | ||
| Market Action | 51 | |
| Strong Seller's Market | ||
Prices is this zip code this week saw relatively little change from last week. However the market appears to be trying to establish an uptrend. Keep an eye on the Market Action Index to determine if demand will help push prices higher.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $4,787,000 | 8,263 | 0.5 - 1 acre | 6 | 6.5 | 11 | 0 | 0 | 52 |
| $3,695,000 | 6,000 | 0.5 - 1 acre | 6 | 6 | 12 | 0 | 0 | 28 |
| $3,050,000 | 4,768 | 0.5 - 1 acre | 5 | 5.5 | 63 | 2 | 0 | 42 |
| $2,175,000 | 2,880 | 0.25 - 0.5 acre | 5 | 3.5 | 73 | 2 | 3 | 28 |