FIRST QUARTER 2025 MARKET REPORT
About the Data
• This study includes all residential home sales in the towns indicated as reported by Garden State Multiple Service LLC (GSMLS), including condominiums and townhomes. It does not include land sales, commercial sales or rentals.
• Year to Date “Overview” sales data is as reported to GSMLS on 4/8/25.
• When considering Supply and Demand, it is generally accepted that a supply of six months represents a balanced market. Below six months tends to be a seller’s market, with prices rising, and above six months generally indicates a buyer’s market with downward pressure on pricing.
• Average Sales per month is calculated on the number of sales for the current year.
• The relatively tiny amount of transaction data in some categories can lead to wild swings that do not necessarily point to a trend in one direction or another.
COMMENTARY
FIRST QUARTER 2025 MARKET REPORT
Just three months into 2025, following years of significant undersupply, activity in North Central New Jersey’s residential real estate markets remains brisk even as inventory levels trend upward at the same time. The number of homes for sale in March increased 16.4% over 2024, while purchase contracts were down 8.3%. Although a full return to equilibrium will yet take time—and recent financial market volatility may influence real estate trends—in the meanwhile, competitivelypriced homes in desirable locations continue to draw strong interest, including multiple offers in many cases.
During the first quarter, numerous towns produced notable outcomes. Home sales in Madison increased 50% year-over-year with average days on market down 33% for the same period, indicating fierce competition among buyers. Tewksbury Twp. posted a first-quarter increase in homes sold of 88% versus the same period last year. Mendham Township also stands out, with sales up 80% for the quarter while inventory increased as well, up 117%.
Conversely, Clinton Township inventory grew 260% during the first quarter, with a simultaneous 23% decline in homes sold as compared to 2024. Lebanon Township followed a similar pattern, with inventory climbing 450% as sales dropped 47%. And in Long Hill Township, inventory rose 275% while sales fell 20%. Although these shifts sound dramatic, their significance should be interpreted with care, due to the relatively small number of transactions in play.
As ever, the first quarter exhibited marked disparities in activity from one market segment to the next. For example, while sales of homes priced under $1 million were virtually unchanged from 2024 (+1%), there was a 25% increase in the number of homes sold between $1-2 million. And the number of homes sold over $3 million more than doubled, to twenty-four in 2025, from eleven in 2024. Notwithstanding this increase, we have also observed more price sensitivity among buyers in the first quarter, particularly in the upper end; correct pricing remains essential.
If you’re considering a move this year—whether buying, selling, or both—our experienced sales professionals can offer expert guidance tailored to your goals and your neighborhood. And through our trusted global brokerage network, a Turpin agent can help you make a seamless transition no matter where your next chapter takes you.
John Turpin, President
CONTENTS
REGIONAL RESULTS | MARCH 2025
Aggregated results for all of Hunterdon, Morris and Somerset counties, plus the following towns in Essex County: Berkeley Heights Twp, Mountainside Borough, New Providence Borough, Scotch Plains Twp Union County: Essex Fells Twp, Livingston Twp, Maplewood Twp, Millburn Twp, Montclair Twp, South Orange Village Twp, Summit City, West Orange, Westfield Twp
FIRST QUARTER 2025 MARKET REPORT
Bedminster
Berkeley Heights
Bernards Twp.
Bernardsville
Boonton Town
Boonton Twp.
Bridgewater Twp.
Califon
Chatham Boro
Chatham Twp.
Chester Boro
Chester Twp.
Clinton Town
Clinton Twp.
Far Hills
Florham Park
Harding Twp.
Lebanon Boro
Lebanon Twp.
Long Hill Twp.
Madison
Maplewood
Mendham Boro
Mendham Twp.
Millburn
Morris Plains
Morris Twp.
Morristown
Mountain Lakes
New Providence
Peapack-Gladstone
Randolph Twp.
Readington Twp.
Summit
Tewksbury Twp.
Warren
Washington Twp.
Watchung
Westfield
MONTH OF MARCH
YEAR TO DATE MARCH 31 - ACTIVITY BY PRICE
Essex*, Hunterdon, Morris, Somerset & Union* Counties
- $2,999,999 MILLION
Sales by Price
BEDMINSTER
Supply and Demand
(as of March 31, 2025)
10 Year Market History
Sales by Price
BERKELEY HEIGHTS
FIRST QUARTER 2025 MARKET REPORT
Supply
and Demand (as of March 31, 2025)
Year Market History
Sales by Price
BERNARDS TWP.
FIRST QUARTER 2025 MARKET REPORT
Supply
and Demand (as of March 31, 2025)
Year Market History
BERNARDSVILLE
FIRST QUARTER 2025 MARKET REPORT
AVERAGE DAYS ON MARKET
Sales by Price
Supply
and Demand (as of March 31, 2025)
Year Market History
Sales by Price
BOONTON TOWN
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand (as of March 31, 2025)
Sales by Price
BOONTON TWP
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand (as of March 31, 2025)
BRIDGEWATER TWP.
FIRST QUARTER 2025 MARKET REPORT
AVERAGE DAYS ON MARKET
SALES PRICE TO LIST PRICE
Sales by Price
Supply and Demand
(as of March 31, 2025)
Market History
Sales by Price
CALIFON
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand (as of March 31, 2025)
Year Market History
Sales by Price
CHATHAM BORO
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand
(as of March 31, 2025)
Year Market History
CHATHAM BORO
Sales by Price
CHATHAM TWP.
FIRST QUARTER 2025 MARKET REPORT
Supply
and Demand (as of March 31, 2025)
Market History
CHESTER BORO
FIRST QUARTER 2025 MARKET REPORT
AVERAGE DAYS ON MARKET
% SALES PRICE TO LIST PRICE
Sales by Price
Supply and Demand (as of March 31, 2025)
CHESTER TWP.
FIRST QUARTER 2025 MARKET REPORT
AVERAGE DAYS ON MARKET
Sales by Price
Supply
and Demand (as of March 31, 2025)
10 Year Market History
Sales by Price
CLINTON TOWN
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand (as of March 31, 2025)
Market History
CLINTON TOWN
CLINTON TWP.
FIRST QUARTER 2025 MARKET REPORT
AVERAGE DAYS ON MARKET % SALES PRICE TO LIST PRICE
Sales by Price
Supply and Demand (as of March 31, 2025)
CLINTON TOWNSHIP
Sales by Price
Supply and Demand (as of March 31, 2025)
FLORHAM PARK
FIRST QUARTER 2025 MARKET REPORT
AVERAGE DAYS ON MARKET
% SALES PRICE TO LIST PRICE
Sales by Price
Supply and Demand (as of March 31, 2025)
Sales by Price
HARDING TWP.
FIRST QUARTER 2025 MARKET REPORT
Supply
and Demand (as of March 31, 2025)
Year Market History
LEBANON BORO
FIRST QUARTER 2025 MARKET REPORT
AVERAGE DAYS ON MARKET % SALES PRICE TO LIST PRICE
Sales by Price
Supply and Demand (as of March 31, 2025)
AVERAGE
Sales by Price
LEBANON TWP.
Supply and Demand (as of March 31, 2025)
Sales by Price
LONG HILL TWP.
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand (as of March 31, 2025)
AVERAGE DAYS ON MARKET
SALES PRICE TO LIST PRICE
Sales by Price
Supply and Demand (as of March 31, 2025)
Market History
Sales by Price
MAPLEWOOD
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand (as of March 31, 2025)
Market History
Sales by Price
MENDHAM BORO
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand (as of March 31, 2025)
Sales by Price
MENDHAM TWP.
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand (as of March 31, 2025)
Year Market History
MENDHAM TOWNSHIP
MILLBURN
FIRST QUARTER 2025 MARKET REPORT
Sales by Price
Supply
and Demand (as of March 31, 2025)
Market History
Sales by Price
MORRIS PLAINS
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand (as of March 31, 2025)
Sales by Price
MORRIS TWP.
FIRST QUARTER 2025 MARKET REPORT
Supply
and Demand (as of March 31, 2025)
Market History
Sales by Price
MORRISTOWN
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand
(as of March 31, 2025)
Market History
MORRISTOWN
Sales by Price
MOUNTAIN LAKES
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand (as of March 31, 2025)
Sales by Price
NEW PROVIDENCE
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand (as of March 31, 2025)
Sales by Price
PEAPACK-GLADSTONE
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand (as of March 31, 2025)
Year Market History
PEAPACK-GLADSTONE
Sales by Price
RANDOLPH TWP.
Supply and Demand (as of March 31, 2025)
Sales by Price
READINGTON TWP.
Supply and Demand (as of March 31, 2025)
Sales by Price
SUMMIT
Supply and Demand (as of March 31, 2025)
Sales by Price
TEWKSBURY TWP.
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand (as
of March 31, 2025)
Market History
WARREN
FIRST QUARTER 2025 MARKET REPORT
AVERAGE DAYS ON MARKET % SALES PRICE TO LIST PRICE
Sales by Price
Supply
and Demand (as of March 31, 2025)
WASHINGTON TWP. (MORRIS
COUNTY) FIRST QUARTER 2025 MARKET REPORT
Sales by Price
Supply
and
Demand
(as of March 31, 2025)
Market History
Sales by Price
WATCHUNG
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand (as of March 31, 2025)
Sales by Price
WESTFIELD
FIRST QUARTER 2025 MARKET REPORT
Supply and Demand (as of March 31, 2025)
LOWEST RATES. GUARANTEED IN WRITING.
AS OF 4-23-2025
JUMBO 30-YEAR FIXED**
FIRST-TIME HOMEBUYER 30-YEAR FIXED***
INTEREST RATE APR
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MORE
Hilltop Mortgage Group LLC NMLS # 2522152. Programs, rates and conditions are subject to change without notice. Rates can be lower depending on your exact scenario. Call for current pricing for your exact scenario. ARM Loans - APR may increase after closing. Rates may vary depending on each individual credit history and underwriting factors and may contain points. All rates are 35 day lock periods (longer terms available). Rate quotes based on scenarios below:
* Based upon 75 LTV, Single Family Primary Home. Loan amounts greater than $350,000. FICO score 760 and above. Purchase Transactions (refinances may have different rates) - NJ-PA-FL-CTMA. ** Based upon 75 LTV, Single Family Primary Home. FICO score 760 and above. PurchasesHigh Balance loans are not available in every county. ***Based upon 96.5 LTV, Single Family Primary Home. Loan amounts greater than $200,000. FICO score 680 and above. Turpin Real Estate has a business relationship with Hilltop Mortgage Group, including an indirect owner in common. Turpin Real Estate may receive a financial or other benefit from Hilltop Mortgage Group business.
Hilltop Mortgage, LLC | 8 E Main Street, Suite 2, Mendham, NJ 07945 Matt Chemis, Loan Advisor | NMLS# 2316591 | mchemis@hilltopmtg.com | Phone: 862-259-3250
