Is 07205, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 07205 is a buyer's market

Buyer's
Market

Difference Since February 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

$440,000

$265/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$37,000(+9.2%)

Key Takeaway

Homes in 07205 have sold for 9.2% more than they did a year ago.

Summary: The median home sold price in 07205 was $440,000 in February 2024, up 9.2% from last year, and the median price per square foot was $265.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $280K-
N/A
2 $315K$320K
+1.6%
3 $395K$430K
+8.9%
4 $450K$460K
+2.2%
5+ $500K$561K
+12.2%

Summary: 07205 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 8.9%, 4 bedroom homes increased by 2.2%, and 5+ bedroom homes increased by 12.2%.

Median Sold Price Compared To Nearby Zip Codes

07111
+9.4%
07205
+9.2%
07083
+8.5%

Housing Supply in 07205, NJ

How many homes are available in 07205, NJ?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
5459+9.3%

Summary: The 07205 real estate market had 59 homes for sale in February 2024, a 9.3% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 66
0.0%
3 2834
+21.4%
4 129
-25.0%
5+ 810
+25.0%

Summary: The 07205 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 21.4%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
94-55.6%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 07205, you could pay more than the asking price. 100% of homes here sold above asking price last month.

Summary: A total of 4 homes were sold or pending in 07205 in February 2024, down by 55.6% month-over-month. Of the 4 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.

Days on Market for 07205, 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 27 Days Ago

Newest Listings in 07205, NJ

Nearby Markets to 07205, NJ