This home in Morris County sold for $95,000 over the asking price.
That offer, for $30,000 over the $420,000 asking price, ended up being one of 40 that were made on the four-bedroom, two-and-a-half bath home.
Low inventory is a statewide issue in residential real estate that is continuing to push prices up despite higher interest rates. There were just 6,524 new listings in July. That’s a decrease of nearly 30% from the number of new listings in July 2022, according to data from New Jersey Realtors. “This was one of the few four bedrooms available,” Rumore said. “They’re good for growing families and for investment properties because of their resale value.”
The average list price for a four-bedroom home in Wharton is $418,000, Rumore said, about $2,000 less than this home was listed for.
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