The Good Life Group's Market Report
Millburn, NJ 07041
Single-Family Homes
Amy Paternite | 917-442-5130 and Ben Garrison | 917-940-3158
Millburn, NJ 07041
Wed May 15 2024
This week the median list price for Millburn, NJ 07041 is $1,797,500 with the market action index hovering around 61. This is less than last month's market action index of 65. Inventory has increased to 8.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
The market has started cooling and prices have recently plateaued. Since 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 | $1,797,500 | |
| Median Price of New Listings | $1,781,888 | |
| Per Square Foot | $612 | |
| Average Days on Market | 34 | |
| Median Days on Market | 14 | |
| Price Decreased | 25% | |
| Price Increased | 0% | |
| Relisted | 13% | |
| Inventory | 8 | |
| Median Rent | ||
| Market Action | 61 | |
| Strong Seller's Market | ||
We continue to see prices in this zip code hovering around these current levels, even though they bumped up a bit this week. Look for a persistent up-shift in the Market Action Index before we see prices move significantly from here.
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 |
|---|---|---|---|---|---|---|---|---|
| $2,675,000 | 2,094 | 0.25 - 0.5 acre | 5 | 5.5 | 35 | 0 | 0 | 80 |
| $2,294,388 | 3,730 | 0.25 - 0.5 acre | 6 | 5 | 100 | 1 | 0 | 42 |
| $1,422,450 | 2,254 | 0.25 - 0.5 acre | 5 | 2.5 | 96 | 0 | 1 | 10 |
| $1,062,000 | 2,734 | 0.25 - 0.5 acre | 5 | 4 | 88 | 1 | 1 | 3 |