Is 07078, 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, 07078 was a Neutral Market.
Key Takeaway
07078 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 07078, NJ
How much do homes in 07078, NJ cost?
Median Sold Price
$1,935,000
-
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 07078 have sold for 2.1% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | $750K | N/A |
| 3 Bedrooms | $1.0M | $1.4M | +38.9% |
| 4 Bedrooms | $1.5M | $1.7M | +12.4% |
| 5+ Bedrooms | $2.3M | $2.2M | -2.6% |
Summary: 07078 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 38.9%, 4 bedroom homes increased by 12.4%, and 5+ bedroom homes decreased by 2.6%.
Housing Supply in 07078, NJ
How many homes are available in 07078, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 47 | 64 | +36.2% |
Summary: The 07078 real estate market had 64 homes for sale in March 2024, a 36.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 5 | 8 | +60.0% |
| 4 Bedrooms | 14 | 17 | +21.4% |
| 5+ Bedrooms | 28 | 39 | +39.3% |
Summary: The 07078 housing inventory by bedroom type for March 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 60%, 4 bedroom homes increased by 21.4%, and 5+ bedroom homes increased by 39.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 4 | 11 | +175.0% |
Asking Price vs. Sold Price
5 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 07078, you may be able to get a good deal. 45.5% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in 07078 in March 2024, up by 175.0% month-over-month. Of the 11 sold homes, 45% were sold under asking, 9% were sold at asking, and 45% were sold over asking.
Days on Market for 07078, NJ
We’re sorry, we don't have information for this market at the moment
