Franklin Lakes had a steady spring. The median sale price rose 3.4% quarter over quarter to $2.18M, and the sale-to-list ratio held at 96.4%. On the surface, that is a healthy luxury market doing what it usually does in April.
Underneath the headline, the more interesting number is days on market: 78 days in April, up from 51 a year ago. Bergen County's top luxury market is still pricing firm, but homes are sitting longer before they sell. Here is what that combination means for sellers planning to list before fall.
The numbers
Across Franklin Lakes, 22 sales closed in April at a median of $2.18M. Active inventory at month end stood at 41 listings, the highest since 2022. New listings outpaced closings for the third consecutive month, which is the same dynamic we are seeing across most of the North Jersey luxury market.
The 78-day median DOM is the highest April reading since 2019. Two thirds of that increase came from the upper segment: homes priced above $3M took 112 days on average, while homes between $1.5M and $2.5M sold in 54.
What is happening
Franklin Lakes is the kind of market where the buyer pool is small in absolute terms and decisions are deliberate. When inventory expands, the existing buyers do not move faster. They take their time and compare. The price holds because no buyer has a reason to chase, but the days build up.
That is not a problem in itself. The sale-to-list ratio at 96.4% tells you sellers who priced their homes correctly are still getting close to their numbers. The risk is mispricing. A home listed 8 to 10% above where the market actually is now sits for four months, gets a price reduction, and ends up selling 12 to 15% below the original list. The slow market punishes overpricing more than it punishes anything else.
In Franklin Lakes right now, the first price is the most important price. The market does not reward a chase, and it does not reward optimism.
What it means for sellers
If you are planning to list in Franklin Lakes between now and Labor Day, the playbook is straightforward but requires discipline:
- Price to the comparable sales, not the comparable listings. Active listings are a moving target. Recent closed sales are your real benchmark. A live CMA based on the last 90 days of closings is the right starting point.
- Invest in the launch. Professional photography, drone aerials, and a coordinated digital launch are not optional in this market. The buyer here is comparing your home against 8 to 10 other actively available luxury homes in the same week.
- Plan for the timing. Listings going live in late May and June capture the most buyer attention before the August lull. After Labor Day, the market reopens with new inventory and your listing is now competing for fresh eyes.
Where the value is for buyers
For buyers, the longer DOM is opportunity. Specifically:
- Homes that have been on the market 90 days. Many of these were priced based on 2024 comps and are now ready to negotiate. The seller is usually further from initial expectations than they were two months ago.
- The $2.5M to $3.5M band. This is where the most inventory is sitting longest. If you are a serious buyer in that range, you have more leverage now than at any point in the last 18 months.
Looking ahead
We expect prices to hold through Q3 and DOM to stay in the 60 to 80-day range for the broader market. The Franklin Lakes luxury buyer is patient, well-resourced, and not in a rush. The market reflects that.
If you own in Franklin Lakes and want a private read on where your specific home sits in the current market, or if you are a buyer trying to understand which active listings are actually negotiable, we are happy to talk. The macro numbers are useful, but the work is in the details.
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