New Jersey Realtor Lists Home for $1 as Social Experiment

A realtor in New Jersey has put a house on the market with a starting bid of just $1, aiming to gauge the current housing market dynamics. The property, located in Newark on Reynolds Place, was purchased for $300,000 and underwent $100,000 worth of renovations, including a finished basement, a modern kitchen, and high-end finishes.

The three-bedroom, 1½-bathroom home sits on a 4,791-square-foot lot near Seton Hall University. Features include a private backyard, an enclosed porch, and parking for six cars—two within an enclosed garage. The house, built in 1945, has previously sold for $36,500 in 1974 and last changed hands in 2025 for just $30,000, according to property records.

A white house with a blue door listed for sale for $1. — Offers can be made up until noon on Tuesday.
Courtesy of Brendan DaSilva, Keller Williams

Finished basement with light wood flooring. — The basement offers additional living space, with quality finishes and modern amenities.
Courtesy of Brendan DaSilva, Keller Williams

Price and Bidding

While the listing price is only $1, the home’s estimated value is around $525,000, with property taxes approximately $6,564 annually. DaSilva states that bids can start at $1, and the highest bid will be accepted.

Living room with arches and modern furnishings. — The spacious living room features elegant arches, adding character to the home.
Courtesy of Brendan DaSilva, Keller Williams

Renovated kitchen and dining area. — The new kitchen boasts contemporary finishes and appliances, making it a desirable feature for potential buyers.
Courtesy of Brendan DaSilva, Keller Williams

Open houses are scheduled for Saturday and Sunday from 11 a.m. to 1 p.m. Interested buyers are encouraged to submit the highest bid before the bidding deadline on June 24.