Is 07109, 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, 07109 was a Seller's Market.
Key Takeaway
07109 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 07109, NJ
How much do homes in 07109, NJ cost?
Median Sold Price
$425,000
$328/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 07109 have sold for 6.9% more than they did a year ago.
Summary: The median home sold price in 07109 was $425,000 in March 2024, up 6.9% from last year, and the median price per square foot was $328.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $170K | $190K | +11.8% |
| 2 Bedrooms | $342.2K | $327.5K | -4.3% |
| 3 Bedrooms | $425K | $465K | +9.4% |
| 4 Bedrooms | $451.7K | $513K | +13.6% |
| 5+ Bedrooms | $490K | $490K | 0.0% |
Summary: 07109 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.8%, 2 bedroom homes decreased by 4.3%, 3 bedroom homes increased by 9.4%, 4 bedroom homes increased by 13.6%, and 5+ bedroom homes did not change.
Housing Supply in 07109, NJ
How many homes are available in 07109, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 78 | 94 | +20.5% |
Summary: The 07109 real estate market had 94 homes for sale in March 2024, a 20.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 5 | +25.0% |
| 2 Bedrooms | 21 | 26 | +23.8% |
| 3 Bedrooms | 31 | 31 | 0.0% |
| 4 Bedrooms | 12 | 15 | +25.0% |
| 5+ Bedrooms | 10 | 17 | +70.0% |
Summary: The 07109 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 23.8%, 3 bedroom homes remained the same, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 70%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 12 | 9 | -25.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 07109, you could pay more than the asking price. 88.9% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in 07109 in March 2024, down by 25.0% month-over-month. Of the 9 sold homes, 11% were sold under asking, 0% were sold at asking, and 89% were sold over asking.
Days on Market for 07109, NJ
We’re sorry, we don't have information for this market at the moment
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