This N.J. home sold for a record-breaking $410K over asking price

It rained like a monsoon, Jennifer McManus of Coldwell Banker Realty, remembers of a recent weekend when she held an open house at a property in Maplewood.

At one point, she had to go out to the street and clear leaves from a storm drain so the debris didn’t cause flooding. The homeowners were out of town.

Before they even got any offers, the sellers asked if they could increase McManus’ commission. “I’ve never had anybody do that before,” she said.

It paid off. The house, listed for $729,000 on March 6, closed on April 16 for $1.139 million. That’s $410,000 (56%) above asking price.

The sale of the Sommer Avenue property broke a record for Maplewood for the percent above asking price that it sold for. The previous record was 55% when a house on Oakland Road sold in June 2023. That house was listed for $825,000 and sold for $1.28 million.

The median sales price of a home in Maplewood was $901,500 in February, according to the most recent data available from New Jersey Realtors. That’s up nearly 31% from a year ago when the median sales price was $690,000.

“It had a beautiful fenced-in, level lot that was ideal for people seeking to built out at some point,” McManus said of her record-breaking listing. “A raw unfinished third floor that could be turned into a primary suite or flex space. And it’s a 15 minute walk to the train.”

“It was a very charming house,” McManus said, adding that it’s walkable to shopping and dining at Maplewood Village and Springfield Avenue.

The center hall colonial has three bedrooms, one full- and two half-bathrooms in about 1,600-square-feet.

The home has a wall-length fireplace flanked by leaded glass door built-ins in the living room, original Parkay floors that are in good condition, an updated kitchen, a new deck and a new garage.

“The sellers have lived there since the 90s, raised their kids there,” McManus said. “They’re empty nesters who wanted to move down south to be closer to their kids and downsize. They’re both retired.”

The couple painted the inside of the house white, removed carpet and did a “light finish” to their basement to increase the amount of usable living space, she said.

Despite the bad weather, about 80 people toured the home. It was under contract nine days after being listed and had 18 offers.

“It wasn’t just one crazy offer,” McManus said. “These people were willing to close quickly and came in with great terms.”

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.