Is 07205, 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, 07205 was a Seller's Market.
Key Takeaway
07205 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 07205, NJ
How much do homes in 07205, NJ cost?
Median Sold Price
$445,000
$265/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 07205 have sold for 8.5% more than they did a year ago.
Summary: The median home sold price in 07205 was $445,000 in April 2024, up 8.5% from last year, and the median price per square foot was $265.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $280K | - | N/A |
| 2 Bedrooms | $312.5K | $349.5K | +11.8% |
| 3 Bedrooms | $400K | $440K | +10.0% |
| 4 Bedrooms | $455K | $460K | +1.1% |
| 5+ Bedrooms | $522.5K | $563.5K | +7.8% |
Summary: 07205 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 increased by 11.8%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 1.1%, and 5+ bedroom homes increased by 7.8%.
Housing Supply in 07205, NJ
How many homes are available in 07205, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 57 | 55 | -3.5% |
Summary: The 07205 real estate market had 55 homes for sale in April 2024, a 3.5% 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 | 6 | 5 | -16.7% |
| 3 Bedrooms | 33 | 30 | -9.1% |
| 4 Bedrooms | 10 | 11 | +10.0% |
| 5+ Bedrooms | 8 | 9 | +12.5% |
Summary: The 07205 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 decreased by 16.7%, 3 bedroom homes decreased by 9.1%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 14 | 6 | -57.1% |
Asking Price vs. Sold Price
0 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 07205, you could pay more than the asking price. 83.3% of homes here sold above asking price last month.
Summary: A total of 6 homes were sold or pending in 07205 in April 2024, down by 57.1% month-over-month. Of the 6 sold homes, 0% were sold under asking, 17% were sold at asking, and 83% were sold over asking.
Days on Market for 07205, NJ
We’re sorry, we don't have information for this market at the moment
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