This NJ home sold for $255K over asking price – here’s why every home in the area is likely to face the same price

A modest home in the Butterworth Farms neighborhood of Morris Township, New Jersey made headlines this month when it sold for $255,000 over the asking price, marking a staggering 26% increase.

Listed for $995,000, the four-bedroom, four-bath Colonial ultimately closed at $1.25 million, shattering expectations.

“The interest was through the roof,” Lisa Molinari of Weichert, Realtors – Morristown East, who handled the sale, told NJ.com.

The noise started almost immediately.

Within two days of listing, 41 private showings were already scheduled. By the end of the weekend, the home had attracted 80 groups to its three-day open house, leading to 10 competing bids in just under a week.

“It speaks volumes,” Molinari told The Post, referring to the quick turnaround and overwhelming buyer demand.

So what made this home, which occupies just over 3,500 square feet, so desirable? The property at 2 Fieldstone Drive boasts a combination of factors that modern buyers are looking for.

“First, the location,” said Molinari. “The Butterworth Farms neighborhood is located just under 5 miles (under 10 minutes drive) from Downtown Morristown – a city that consistently makes the top rankings for great places to live. The entire area is quite special, offering a lot things to do for all lifestyles. It’s also a great transit city.”

But the appeal goes deeper than mere convenience.

“Butterworth Farms is just a really sweet neighborhood where people get to know each other and hang out with each other and become a part of each other’s lives,” Molinari added.

The sellers purchased the home in 2011 as an estate sale and spent the following years completely renovating and expanding its footprint, giving it a modern farmhouse style with updated fixtures.

Highlights include an open-concept kitchen with quartz countertops and Wolf appliances.

One bedroom is on the first floor with the other three bedrooms located on the second floor. The master suite features a bathroom with a walk-in closet.

Beyond its charm and upgrades, the home hit the market at a time characterized by high competition and low inventory, with sellers holding on to their homes — and their low mortgage rates — for longer.

“While homes in the Morristown area are consistently in high demand, the large number of people who want to live here, coupled with a lack of homes for sale have kept upward pressure on home prices,” Molinari said. Of the 10 offers Molinari received, nine buyers are still being sought.

“If you think about the fact that there are nine really serious home buyers still out there, the ones who made stellar offers, who didn’t get 2 Fieldstones, you know they’re going to be in competition for the next similar home,” Molinari explained.

The $1.25 million deal now stands as the second-highest sale ever recorded at Butterworth Farms, according to Molinari.

“We discussed the pricing strategy in detail before we listed the house… It was priced right — the market took over and took it to new levels,” Molinari said.