Millburn Market (07041) Snapshot: April 2026 vs. April 2025

The Millburn market continues to strongly favor sellers, especially in desirable neighborhoods and for well-positioned homes. Inventory remains extremely tight, and buyers are still competing aggressively for quality properties.

Here’s the easy-to-understand breakdown:

• Home prices are UP significantly year-over-year
  
  • Average sale price rose from approximately $1.34M to $1.57M
  • Median sale price jumped from approximately $1.13M to $1.68M
• Homes are still selling above asking price
  
  • Sellers received an average of 104% of asking price
  • This signals continued buyer competition and multiple-offer activity on desirable homes
• Inventory remains very low
  
  • Only 9 homes were actively for sale in April
  • Months of inventory sits at just 1.29 months, which is considered an extremely tight market
• Demand remains strong
  
  • The absorption rate increased from 0.70 to 0.78
  • In simple terms: buyers are still absorbing available inventory quickly
• Buyers are taking slightly more time
  
  • Average days on market increased from 12 days to 24 days
  • This suggests buyers are becoming a bit more selective at higher price points, though strong homes are still moving quickly
• New listings remained virtually unchanged
  
  • 14 new listings came to market in both April 2025 and April 2026
  • Supply has not meaningfully improved

What This Means for Sellers

Millburn continues to offer very strong conditions for sellers. Limited inventory and sustained buyer demand are keeping pricing elevated, especially for homes that are properly prepared, priced, and marketed.

What This Means for Buyers

While competition remains intense, buyers are seeing slightly more breathing room compared to the frenzy of prior years. Strategy matters more than ever. The right opportunity still exists, especially for buyers who are prepared, decisive, and focused on long-term value rather than simply “getting a deal.”