Is 07008, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, 07008 was a Seller's Market.
Key Takeaway
07008 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 07008, NJ
How much do homes in 07008, NJ cost?
Median Sold Price
$460,000
$280/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 07008 have sold for 7.5% more than they did a year ago.
Summary: The median home sold price in 07008 was $460,000 in April 2024, up 7.5% from last year, and the median price per square foot was $280.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $360K | $325K | -9.7% |
| 3 Bedrooms | $390K | $440K | +12.8% |
| 4 Bedrooms | $460K | $520K | +13.0% |
| 5+ Bedrooms | $470K | $560K | +19.1% |
Summary: 07008 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 9.7%, 3 bedroom homes increased by 12.8%, 4 bedroom homes increased by 13%, and 5+ bedroom homes increased by 19.1%.
Housing Supply in 07008, NJ
How many homes are available in 07008, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 54 | 51 | -5.6% |
Summary: The 07008 real estate market had 51 homes for sale in April 2024, a 5.6% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 20 | 22 | +10.0% |
| 4 Bedrooms | 23 | 19 | -17.4% |
| 5+ Bedrooms | 10 | 9 | -10.0% |
Summary: The 07008 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 10%, 4 bedroom homes decreased by 17.4%, and 5+ bedroom homes decreased by 10%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 15 | 8 | -46.7% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 07008, you could pay more than the asking price. 62.5% of homes here sold above asking price last month.
Summary: A total of 8 homes were sold or pending in 07008 in April 2024, down by 46.7% month-over-month. Of the 8 sold homes, 25% were sold under asking, 13% were sold at asking, and 63% were sold over asking.
Days on Market for 07008, NJ
How long does it take to sell a home in 07008, NJ?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 51 Days | 40 Days | -21.8% |
Summary: Homes in 07008 had an average of 40 days on market in Apr 2024, down by 21.8% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 07008 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 8 homes were sold in 07008; 50% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
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