Basking Ridge August Real Estate Update

Check out this market update for Basking Ridge heading into August, 2021!! The market is still trending up this summer and the data backs it up.

In July of 2021 there were 66 new listings which is a slightly lower inventory than July of last year. These new listings ranged all the way from $254k to $3.35m. The average listing price for these properties is $833k in July 2021 which is up 6% year over year from $783k in July 2020.

62 homes closed this July but the average sales price has been absolutely staggering. Last year in July the average sales price was $613k and this year we see an average closing price of $826k! This is a 33% increase year over year and a very significant piece of data. Last July was a busy time as well so this uptick is noteworthy. The housing market in this Basking Ridge area is still red hot and moving quick. The average days on market has decreased from 53 days to just 15 days to get a house listed and under contract!

On the single family side of things we see 43 new homes that have hit the market with an average list price of $1.035m in July 2021. The sold price is just as amazing as the rest of the data and the average closing price increased by 47% since last July! The average sold price last July was $728k and this July the houses are closing at an average of $1.07 million dollars! They are selling as fast and they are high with an average days on the market of only 14 days.

In the townhouse/condo market there were only 23 listings this July. Although the inventory cut back a little bit the average listing price rocketed with a 15% jump from last July. The average list price increased from $393k in July 2020 to $453k in July 2021. The average sales price didn’t move too much with only a 1% increase year over year from 432k to 438k in July 2021. The days on market are significantly lower as well with only an average of 17 days this year compared to July of last year.

PICK OF THE QUARTER

The Destination NJ featured pick for this month is 33 Wedgewood Drive, Basking Ridge. Everything in this house has been updated and meticulously maintained. The kitchen is updated with modern appliances and is stunning. The house is located under an acre of land. Even though this house is slightly older it is a very good listing that has been kept in great condition. Feel free to reach out to Robert Webb with any inquiries.