Is 07040, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, 07040 was a Neutral Market.
Key Takeaway
07040 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 07040, NJ
How much do homes in 07040, NJ cost?
Median Sold Price
$846,666
$283/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 07040 have sold for 2.6% more than they did a year ago.
Summary: The median home sold price in 07040 was $846,666 in March 2024, up 2.6% from last year, and the median price per square foot was $283.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $213K | $237.5K | +11.5% |
| 2 Bedrooms | $360K | $390K | +8.3% |
| 3 Bedrooms | $633K | $640.5K | +1.2% |
| 4 Bedrooms | $882K | $899K | +1.9% |
| 5+ Bedrooms | $1.2M | $1.4M | +12.2% |
Summary: 07040 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.5%, 2 bedroom homes increased by 8.3%, 3 bedroom homes increased by 1.2%, 4 bedroom homes increased by 1.9%, and 5+ bedroom homes increased by 12.2%.
Housing Supply in 07040, NJ
How many homes are available in 07040, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 63 | 69 | +9.5% |
Summary: The 07040 real estate market had 69 homes for sale in March 2024, a 9.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 3 | 3 | 0.0% |
| 3 Bedrooms | 21 | 22 | +4.8% |
| 4 Bedrooms | 15 | 19 | +26.7% |
| 5+ Bedrooms | 24 | 24 | 0.0% |
Summary: The 07040 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 26.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 17 | 14 | -17.6% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 07040, you could pay more than the asking price. 78.6% of homes here sold above asking price last month.
Summary: A total of 14 homes were sold or pending in 07040 in March 2024, down by 17.6% month-over-month. Of the 14 sold homes, 14% were sold under asking, 7% were sold at asking, and 79% were sold over asking.
Days on Market for 07040, NJ
We’re sorry, we don't have information for this market at the moment
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.