This tiny suburban N.J. house sold for $162k more than asking price

A two bedroom, one bathroom home in Westfield just closed for $162,100, or 23%, more than its asking price.

Blame low inventory, said Frank D. Isoldi of Coldwell Banker Realty, the listing agent.

The home was listed January 15 for $699,900.

“Easily, 75 groups” of people toured the house through private showings and a one-day open house," he said.

Within days, the home had 13 offers -- all above asking price, he added.

“If you asked me a year ago if I thought a two bedroom house would garnish that number, I would’ve said no,” he said. “The lack of inventory is affecting what people are paying. Plus builders, investors and flippers are desperate for land. So it made a lot of sense.”

The median sales price of a single-family home in Westfield was $850,000 in January, according to the most recent data available from New Jersey Realtors.

At the same time, the inventory of homes for sale in Westfield was down nearly 13% from January 2024.

“If they’re priced reasonably,” Isoldi said, “most things are selling very, very quickly.”

The home was priced at $699,900 because it was only a two bedroom.

“We knew that would be a limitation for some people,” he said. “Everybody that looked at it, even those who wanted to live in it, assumed they would add on to it. Several homes on the block have gone through renovations or been knocked down and rebuilt. When people see that potential on the street, it makes it that much more valuable.”

The buyer whose offer was accepted is an investor, Isoldi said.

“To get a piece of property in Westfield is not easy,” he said. “And this was nice and flat, so it’s easy to build on or renovate. That is super attractive to a builder.”

Are you an agent, buyer or seller who is active in this changing market? Do you have tips about New Jersey’s real estate market? Unusual listings? Let us know.

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Allison Pries may be reached at apries@njadvancemedia.com.