On May 10, 2024, a house in Maplewood, New Jersey, hit the market with a list price of $729,000 on March 6th. It was sold on April 16th for $1,139,000, a whopping 56% higher than the asking price, which means it was sold for $410,000 more, breaking the town’s record set in June 2023 of a 55% over-asking sale (list price of $825,000, sold for $1,280,000).
The colonial-style house that sparked a bidding war is located on Sommer Avenue, a 15-minute walk to the train station. It is also within walking distance to shopping and dining centers. The property features a fenced flat lot suitable for future expansion and an unfinished third floor that can be transformed into a master suite or flexible space. The house spans approximately 1,600 square feet and includes three bedrooms, one full bathroom, and two half bathrooms. The living room boasts a wall-to-wall fireplace with built-in leaded glass doors on either side, original hardwood floors in good condition, a renovated kitchen, a brand-new deck, and a garage.
The seller has been living there since the 1990s, raising their children who have now grown up, and is looking to move south to be closer to their children as they enter retirement.
Despite inclement weather on the day of the open house, around 80 people came to view the property, resulting in 18 offers received, and the sale was finalized just 9 days after listing.
According to the latest data provided by real estate agents in New Jersey, the median home price in Maplewood in February of this year was $901,500, which is nearly a 31% increase from the median price of $690,000 a year ago.