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
Sat Jan 18 2025
This week the median list price for Short Hills, NJ 07078 is $3,750,000 with the market action index hovering around 41. This is less than last month's market action index of 42. Inventory has decreased to 11.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
Market Narrative
The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Real-Time Market Profile
| Median List Price | $3,750,000 | |
| Median Price of New Listings | $0 | |
| Per Square Foot | $531 | |
| Average Days on Market | 136 | |
| Median Days on Market | 140 | |
| Price Decreased | 45% | |
| Price Increased | 0% | |
| Relisted | 36% | |
| Inventory | 11 | |
| Median Rent | ||
| Market Action | 41 | |
| Slight Seller's Advantage | ||
Prices in this zip code seem to have settled around a plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.
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 |
|---|---|---|---|---|---|---|---|---|
| $4,722,500 | 9,000 | 0.5 - 1 acre | 7 | 7.5 | 4 | 0 | 0 | 161 |
| $4,248,000 | 8,000 | 0.5 - 1 acre | 7 | 8.5 | 1 | 0 | 0 | 210 |
| $3,700,000 | 7,818 | 0.5 - 1 acre | 7 | 6 | 58 | 0 | 0 | 140 |
| $1,645,000 | 2,380 | 0.25 - 0.5 acre | 5 | 4 | 5 | 0 | 0 | 28 |