NJ home sells for 40% over asking price as housing costs skyrocket in state

((Photo by Justin Sullivan/Getty Images))

A house in New Jersey sold for $242K over the asking price, NJ.com reported.

It all started when a couple from Nutley wanted to retire, sell their house, and move to Florida. The house is located on Vreeland Ave in Nutley.

Lorraine Hurlbut of Keller Williams NJ Metro Group and the couple worked together to clean the house and transform it entirely.

NJ.com said Hurlburt initially listed it on Dec. 1 for $599,000 but increased the price to $609,000 once the transformation was complete, she said.

About 120 people looked at the house, which was under contract within a week. It sold for $852,000.

Hurlburt said the accepted offer for the home was $102,000 more than the second-highest offer.

According to Zillow, the average home in New Jersey's value is $497,292, up 8.6% over the past year, and goes to pending in around 22 days.

Zillow also said that the median sale price in 2023 was $435,668 and there were 56.4% of sales over list price in New Jersey. 

The house was sold for 40% over the asking price, which Hurlburt said is a new record for the town of Nutley.

NJ.com said the previous record was 27% over the asking prices from a sale three years ago.

To learn more about Zillow's home value index, click here.