Is 07078, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 07078 is a buyer's market

Buyer's
Market

Difference Since Last Month

Since last month, 07078 has remained a Buyer's Market.

Key Takeaway

07078 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 07078, NJ

How much do homes in 07078, NJ cost?

Median Sold Price

$2,779,050

-

Based on all homes sold in February 2024.

Difference Since Last Month

-$670,950(-19.4%)

Key Takeaway

Homes in 07078 have sold for 19.4% less than they did a month ago.

Median Sold Price By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 --
N/A
2 --
N/A
3 --
N/A
4 -$2.1M
N/A
5+ $3.4M$3.3M
-2.0%

Summary: 07078 housing prices by bedroom type for February 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes decreased by 2%.

Housing Supply in 07078, NJ

How many homes are available in 07078, NJ?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
3148+54.8%

Summary: The 07078 real estate market had 48 homes for sale in February 2024, a 54.8% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 00
0.0%
3 24
+100.0%
4 713
+85.7%
5+ 2231
+40.9%

Summary: The 07078 housing inventory by bedroom type for February 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 100%, 4 bedroom homes increased by 85.7%, and 5+ bedroom homes increased by 40.9%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
24+100.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 07078, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 4 homes were sold or pending in 07078 in February 2024, up by 100.0% month-over-month. Of the 4 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.

Days on Market for 07078, NJ

We’re sorry, we don't have information for this market at the moment

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in 07078, NJ

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