$399,000
347 Penns Way
Basking Ridge, NJ
2 bd2 ba
Condo
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Sarah Mitchell
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Compass Real Estate · Basking Ridge, NJ
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Basking Ridge, NJ(512) 555-0184TX License #0512847
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Basking Ridge, NJ Housing Market
Strong seller's market+4.1% YoY
Zillow, August 2026 · Refreshes monthlyRedfin, through May 2026 · No longer updatingFreddie Mac via FRED, September 2026 · Refreshes weekly
The typical home in Basking Ridge, NJ is worth $951,080, rose 4.1% over the past year (Zillow Home Value Index, August 2026). The last median sale price Redfin published was $1.35M, +63.2% year over year (through May 2026). With 0.5 months of supply and homes going under contract in about 18 days, Basking Ridge is a strong seller's market. At today's 7.03% 30-year fixed rate, 20% down on a $951,080 home is about $5,077/mo in principal and interest.
Key numbers for Basking Ridge, NJ
Typical home value
$951,080
+4.1% in 12 months
Zillow, August 2026
Typical asking rent
$3,918/mo
Zillow Observed Rent Index
Zillow, August 2026
Median sale price
$1.35M
+63.2% year over year
Redfin, through May 2026
Days on market
18
Fast-moving
Redfin, through May 2026
Active listings
5
0.5 months of supply
Redfin, through May 2026
30-yr fixed rate
7.03%
Freddie Mac weekly average
Freddie Mac via FRED, September 2026
Median household income
$200,378
Home costs 4.7x income
U.S. Census ACS, 2023
Sale-to-list ratio
106.7%
Selling above asking
Redfin, through May 2026
Zillow figures are as of August 2026 and refresh monthly. Redfin figures are through May 2026 — Redfin stopped publishing its public market trackers in June 2026, so those numbers are final, not current. Mortgage rates come from Freddie Mac via FRED and update weekly.
Is Basking Ridge a buyer's or seller's market?
Strong seller's market0.5 months of supply18 days on market106.7% of asking
Basking Ridge, NJ is a strong seller's market, based on 0.5 months of supply and homes selling in about 18 days. Under 2 months of supply is a severe shortage: expect competition on almost anything priced correctly, and little room to negotiate below asking.
Inputs are Redfin's final published period (May 2026). How we classify markets · Where the data comes from
What does the Basking Ridge housing market data show?
Every row below is Redfin's final published month for Basking Ridge, NJ. Redfin, through May 2026
| Metric | Value |
|---|---|
| Median sale price | $1.35M |
| Median list price | $965,000 |
| Year-over-year price change | +63.2% |
| Median price per sq ft | $520/sq ft |
| Median days on market | 18 days |
| Active inventory | 5 listings |
| Months of supply | 0.5 months |
| Sale-to-list price ratio | 106.7% |
| Homes sold (that month) | 11 |
| New listings (that month) | 3 |
| Listings with a price cut | 40.0% |
| Market condition | Strong seller's market |
How to read these numbers
- Median sale price
- Half the homes that closed sold for more than this, half for less. It moves with what kind of home sold that month, so a quiet month with two big sales can swing it. Redfin's figure for Basking Ridge is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Basking Ridge is worth right now, whether or not it sold. It is smoother than the median sale price and it still refreshes monthly, which is why this page leads with it.
- Months of supply
- How long it would take to sell every active listing at the current pace. Under 3 favors sellers, over 6 favors buyers, and 3 to 6 is the balanced band.
- Days on market
- Median time from listing to accepted offer. Short means you should have financing ready before you tour; long means there is room to negotiate on price and repairs.
- Sale-to-list ratio
- Sale price divided by the last asking price. Above 100% means bidding above asking is normal here; below 100% means the typical buyer got a discount.
- Price per square foot
- The size-adjusted price. Use it to compare a 1,400 sq ft house to a 2,600 sq ft house, not to value your own home — lot, condition and age move it a lot.
- Listings with a price cut
- Share of active listings that dropped their asking price in the month. A high share is the earliest visible sign that sellers are ahead of what buyers will pay.
- Typical asking rent (ZORI)
- Zillow's repeat-rent index for asking rents on new leases. Paired with the home value it gives the price-to-rent ratio in the rent-vs-buy section below.
How have Basking Ridge home prices moved?
Over the last three years the median sale price in Basking Ridge, NJ rose 7.6%, from $1.25M to $1.35M. The live Zillow value series has rose 4.1% in the last 12 months, which is the more current read now that Redfin's series has stopped. 40.0% of Basking Ridge listings cut their asking price in the final Redfin month — a high share, and the clearest sign that list prices were running ahead of what buyers would pay. For prices to fall meaningfully from here, supply would have to keep building past 0.5 months while the sale-to-list ratio slips below its current 106.7%. Watch those two together — they move before the median does.
Redfin, through May 2026 — the chart ends at Redfin's final published month.
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What does it cost to buy a home in Basking Ridge?
Priced off the typical home value of $951,080 at the current 7.03% 30-year fixed rate. These are principal and interest only — property taxes, homeowner's insurance, HOA dues and mortgage insurance are on top, and they vary enough by property that we will not guess them for you.
| Down payment | Cash at close | Loan amount | Monthly P&I |
|---|---|---|---|
| 20% | $190,216 | $760,864 | $5,077/mo |
| 5% | $47,554 | $903,526 | $6,029/mo |
Zillow, August 2026 for the price · Freddie Mac via FRED, September 2026 for the rate
What income do you need?
Lenders generally want housing costs under 28% of gross income. On the 20%-down payment of $5,077, that implies roughly $217,602 a year before you add taxes and insurance. The median household in Basking Ridge earns $200,378, about $17,224 short of that threshold — the typical local household needs a larger down payment, a co-borrower, or a home below the typical home value to fit the 28% rule. That puts the price-to-income ratio at 4.7x — above the historical 3x norm but in line with much of the country in 2026.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Basking Ridge in the next 12 months?
Tell us your timeline. We send the Basking Ridge market brief: the price ranges that actually clear, how long homes sit, and what to fix on your credit before you apply.
Is it cheaper to rent or buy in Basking Ridge?
Typical asking rent in Basking Ridge, NJ is $3,918/mo, against a typical home value of $951,080. That is a price-to-rent ratio of 20.2x, which means renting tends to be the cheaper monthly option unless you stay long enough for appreciation to close the gap. Compared head to head, 20% down puts principal and interest at $5,077 a month — $1,159 more than renting before taxes and insurance, so the ownership case here rests on equity and appreciation rather than monthly cash flow.
Zillow, August 2026 for both value and rent
Add your own down payment, tax rate and time horizon in the rent vs. buy calculator.
Is inventory rising or falling in Basking Ridge?
Active listings in Basking Ridge, NJ went from 5 in May 2025 to 5 in May 2026, a +0.0% change. Inventory has been roughly flat, which usually keeps prices moving with rates rather than with local supply.
| Month | Active listings | New listings |
|---|---|---|
| June 2025 | 10 | 15 |
| July 2025 | 9 | 7 |
| August 2025 | 9 | 4 |
| September 2025 | 10 | 6 |
| October 2025 | 8 | 5 |
| November 2025 | 6 | 1 |
| December 2025 | 8 | 3 |
| January 2026 | 5 | 2 |
| February 2026 | 2 | 2 |
| March 2026 | 8 | 11 |
| April 2026 | 7 | 10 |
| May 2026 | 5 | 3 |
Redfin, through May 2026
How does Basking Ridge compare to New Jersey and the U.S.?
Basking Ridge homes sell for $1.35M — 133% above the New Jersey median of $579,900. Against the national median of $410,700, Basking Ridge runs 229% higher. Year-over-year, Basking Ridge moved +63.2% against New Jersey's +3.7% — a bigger swing than the state as a whole.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Basking Ridge, NJ | $1.35M | +63.2% | 18 days |
| New Jersey statewide | $579,900 | +3.7% | 35 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through May 2026 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Basking Ridge
What buyers should watch
- Months of supply, currently 0.5. It turns before price does — when it climbs past 6, sellers start taking offers they would have rejected a quarter earlier.
- The share of listings cutting price, currently 40.0%. A listing that has already cut once is the one most likely to accept below asking.
- The gap between 5% and 20% down here is $952 a month in principal and interest alone, before mortgage insurance. That gap, not the price, is usually what decides your timeline.
- Rate moves. At 7.03%, every full point of rate change moves the payment on a $951,080 home more than a 5% price change does.
- Your credit tier before you shop, not after — it sets the rate you are quoted. Run your numbers first.
What sellers should know
- The median Basking Ridge listing goes under contract in 18 days. If yours passes that mark, the market is telling you the price is wrong — not that you need more showings.
- Homes here close at 106.7% of asking. Price at the number you want and let competition do the rest.
- In the last published month Basking Ridge added 3 new listings against 11 sales — more clearing than arriving, which is the better window to list.
- Your equity moved +4.1% in the last 12 months on the Zillow value series. That, not the price you paid, is what sets your net proceeds.
- Comparable ZIP-level pricing inside Basking Ridge varies more than the citywide median suggests — check the ZIP pages below before you set a number.
Homes for sale in Basking Ridge
There are currently 5 homes listed for sale in Basking Ridge, New Jersey. The median listing price is $965K. Featured listings range from $399,000 to $2,399,900.
$399,000
289 English Pl
Basking Ridge, NJ
2 bd2 ba
Condo
View photos & details
$875,000
47 Dexter Dr N
Basking Ridge, NJ
2 bd4 ba
Condo
View photos & details
$885,000
266 Patriot Hill Dr
Basking Ridge, NJ
3 bd3 ba
Townhouse3,049 sqft lot
View photos & details
$949,000
134 Spencer Rd
Basking Ridge, NJ
3 bd3 ba
House41,382 sqft lot
View photos & details
$1,150,000
81 Atlas Rd
Basking Ridge, NJ
5 bd3 ba
House40,511 sqft lot
View photos & details
$1,250,000
24 Benedict Cres
Basking Ridge, NJ
3 bd4 ba
Townhouse13,504 sqft lot
View photos & details
$1,259,000
7 Watchung Dr
Basking Ridge, NJ
4 bd3 ba
House8,712 sqft lot
View photos & details
$1,299,000
18 Juniper Way
Basking Ridge, NJ
4 bd4 ba
House20,038 sqft lot
View photos & details
$1,399,000
1 Vanderveer Dr
Basking Ridge, NJ
5 bd4 ba
House22,216 sqft lot
View photos & details
$2,150,000
23 Galloping Hill Rd
Basking Ridge, NJ
5 bd5 ba
House1.71 acres
View photos & details
$2,399,900
25 Carriage Way
Basking Ridge, NJ
6 bd8 ba5,318 sqft$451/ft²
House39,640 sqft lot
View photos & details
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Active listings
5
Homes on market
Median list price
$965K
Avg. days on market
18
Days until sale
New this week
3
Newly listed
Price drops:40.0%of listings
Sale-to-list:106.7%
How much do homes cost in Basking Ridge by property type?
How the Basking Ridge, NJ market breaks down across single-family homes, condos and townhouses. Redfin, through May 2026
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $1.35M | $520/sq ft | 11 | 18 days |
| Condo / co-op | $300,000 | $350/sq ft | 1 | 35 days |
Who lives in Basking Ridge?
American Community Survey estimates for Basking Ridge. U.S. Census ACS, 2023
Population
7,882
Households
2,899
Median income
$200,378/yr
Median age
46.6 years
Owner-occupied
84.6%
Median home value
$841,700
Median gross rent
$565/mo
Mean commute
28.5 min
84.6% of occupied homes in Basking Ridge are owner-occupied, and the rest are rented — which is the share that decides how much of the local housing stock ever reaches the for-sale market. The Census self-reported median home value is $841,700 against Zillow's $951,080 typical value; the gap is normal — ACS asks owners what they think their home is worth, Zillow models transactions. Census median gross rent (all leases, including long-held ones) is $565/mo, below Zillow's $3,918/mo asking rent on new leases — the difference is roughly what a mover pays over a stayer.
Which public schools serve Basking Ridge?
6 schools tracked · 4,762 students
The largest public schools serving Basking Ridge, NJ by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Ridge High School
Grades 9-12 · 1,644 students
William Annin Middle School
Grades 6-8 · 1,126 students
Cedar Hill School
Grades K-5 · 572 students
Mount Prospect Elementary School
Grades PK-5 · 530 students
Hamilton Primary School
Grades K-4 · 471 students
Oak Street School
Grades K-5 · 419 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Basking Ridge, NJ?
Ordered by distance from Basking Ridge, not by size. Compare Basking Ridge side by side with any of them.
Basking Ridge housing market FAQ
Is Basking Ridge a buyer's or seller's market?
Basking Ridge, NJ is currently a strong seller's market. That read comes from 0.5 months of supply, homes going under contract in about 18 days, and sellers getting 106.7% of their asking price in the last month Redfin published (May 2026).
How much do homes cost in Basking Ridge?
The typical home in Basking Ridge, NJ is worth $951,080 (Zillow Home Value Index, August 2026). The median sale price in the last month Redfin published was $1.35M, about $520 per square foot.
Is Basking Ridge cheaper than the rest of New Jersey?
Basking Ridge's median sale price of $1.35M is 133% higher than the New Jersey statewide median of $579,900, and 229% above the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Basking Ridge?
Homes in Basking Ridge, NJ spent a median of 18 days on market before going under contract, versus 35 days statewide. Under three weeks means well-priced listings move before most buyers can schedule a second showing. (Redfin, through May 2026.)
What income do you need to buy a home in Basking Ridge?
At the current 30-year fixed rate of 7.03%, 20% down on a $951,080 home is about $5,077 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $217,602 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $200,378.
Are home prices rising in Basking Ridge?
The typical home value in Basking Ridge, NJ rose 4.1% over the last 12 months, from $913,765 to $951,080 (Zillow, August 2026). This is the live series — it refreshes monthly.
What are the cheapest ZIP codes in Basking Ridge?
Basking Ridge ZIP-level sale prices are not all published for the same period, so ranking them would compare different months. The ZIP pages listed on this page show what we hold for each one individually.
Is now a good time to buy in Basking Ridge?
That depends on your timeline, not on a headline. What the data says today: Basking Ridge, NJ is a strong seller's market with 0.5 months of supply, the 30-year fixed rate is 7.03%, and the price-to-rent ratio of 20.2x means renting tends to be the cheaper monthly option unless you stay long enough for appreciation to close the gap. Properties Incorporated publishes the data; it does not give financial advice.
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