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October, 2024
The State Of The Bridgewater Real Estate Market
This edition of Market Watch will take a look at the Bridgewater Market as of the end of the third quarter 2024. It will examine the active listings, those under contract and listings that had been sold. The information will be broken down by several segments so readers can gain a greater understanding of the dynamics of the Bridgewater market.
Active Listings
At the end of September, there were 54 active listings in the Township. Of the total, 42 were single family homes, 12 were condos or townhomes. Of the 54 active listings, 8 were in attorney review, meaning an offer was accepted and the agreement sent for attorney approval. Listings in attorney review are usually not available for any more showings, and will not accept additional offers.
7 active listings had 2 bedrooms, 18 had 3 bedrooms, 14 had 4 bedrooms and the remaining 15 had 5 or more bedrooms. The average listing price for a 2 bedroom home was $423,580. Most would be condos or townhomes. Listings for 3 bedroom homes averaged $622,561, 4 bedroom homes $860,046 and 5 plus bedroom homes $1,204,769. The average for all homes active in Bridgewater during September was $821,308.
There were 10 homes listed between $200,000 and $499,000 with 3 in attorney review. 15 homes were listed between $500,000 and $699,000 with 4 in attorney review. Between $700,000 and $999,999, there were 13 homes listed with none in attorney review. And above $1,000,000, there were 16 homes listed with 1 in attorney review. In this last segment, 1 listing had 2 bedrooms, 2 with 3 bedrooms, 4 with 4 bedrooms and 9 with 5 or more bedrooms.
Under Contract Listings
There were 68 listings that were under contract at the end of September, meaning the sellers had accepted an offer, the respective attorneys had approved the contract, and the home was off the market. 14 were townhomes, the rest single family residences.
9 of the homes under contract had 2 bedrooms. There were 23 homes under contract with 3 bedrooms, and 26 homes with 4 bedrooms. 10 homes under contract had 5 plus bedrooms. The average listing price for a 2 bedroom home under contract was $453,225, and for 3 bedroom home, $603,943. For 4 bedroom homes under contract the average listing price was $838,817, and for 5 plus bedroom homes, $1,051,600.
There were 11 homes under contract that were listed between $200,000 and $499,999. 25 homes between $500,000 and $699,999 were under contract. The same number were under contract between $700,000 and $999,999. There were 7 homes above $1,000,000 under contract. In this last segment, 3 homes had 4 bedrooms, 3 with 5 bedrooms, and 1 with 7 bedrooms.
Sold Listings
There were 32 homes sold during September in Bridgewater. Of the total 8 were condos or townhomes, the rest single family residences. For the year thru September, there were 342 homes sold.
Of the 32 homes sold during September, 1 home had 1 bedroom, 7 had 2 bedrooms, 7 with 3 bedrooms, 9 with 4 bedrooms and 8 with 5 or more bedrooms. The sold price for the 1 bedroom home was $385,000. The average price for 2 bedroom homes was $397,714. For 3 and 4 bedroom homes, the average sold price was $672,714 and $795,333. The average sold price for 5 or more bedroom homes was $1,148,000. The average selling price for all homes during September was $756,875.
There were 10 homes sold with prices between $200,000 and $499,999. Between $500,000 and $699,999, there were 5 homes sold. 13 homes sold between $700,000 and $999,999 and 4 homes sold above $1,000,000.
Looking at the 342 homes sold thru September, 5 had 1 bedroom and had an average selling price of $285,400. For 2 bedroom homes, the average selling price was $411,746 and there were 70 homes in that segment. There were 90 3 bedroom homes sold thru September with an average selling price of $580,014, while the average selling price for the 117 4 bedroom homes sold was $837,829. For the 60 5 or more bedroom homes, the average selling price was $1,070,240. The average selling price for all homes for the first 3 quarters was $715,470
For the month of September, the average days on market was 30. This is the time from the first day of listing till the end of the attorney review period. It is not till the closing date. For the time from the beginning of January to the end of September, the average days on market was 26.
During September, the average selling price to list price was 103 percent. For the first three quarters the same ratio was104 percent. Lastly, the average month’s supply of homes for just September was 1.53 months. For the year thru September it was 1.33.
