Is 07405, 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, 07405 was a Seller's Market.
Key Takeaway
07405 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 07405, NJ
How much do homes in 07405, NJ cost?
Median Sold Price
$615,500
$313/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 07405 have sold for 8.6% more than they did a year ago.
Summary: The median home sold price in 07405 was $615,500 in March 2024, up 8.6% from last year, and the median price per square foot was $313.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $262.5K | $306.2K | +16.6% |
| 2 Bedrooms | $337K | $372.5K | +10.5% |
| 3 Bedrooms | $501K | $567K | +13.2% |
| 4 Bedrooms | $725K | $700.6K | -3.4% |
| 5+ Bedrooms | $1.2M | $1.1M | -13.9% |
Summary: 07405 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.6%, 2 bedroom homes increased by 10.5%, 3 bedroom homes increased by 13.2%, 4 bedroom homes decreased by 3.4%, and 5+ bedroom homes decreased by 13.9%.
Median Sold Price Compared To Nearby Zip Codes
| 07457 | $370K | $420K | +13.5% |
| 07403 | $420K | $475K | +13.1% |
| 07435 | $467.5K | $525K | +12.3% |
| 07405 | $567K | $615.5K | +8.6% |
| 07444 | $513K | $550K | +7.2% |
Housing Supply in 07405, NJ
How many homes are available in 07405, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 50 | 61 | +22.0% |
Summary: The 07405 real estate market had 61 homes for sale in March 2024, a 22.0% 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 | 6 | 7 | +16.7% |
| 3 Bedrooms | 14 | 15 | +7.1% |
| 4 Bedrooms | 14 | 17 | +21.4% |
| 5+ Bedrooms | 16 | 22 | +37.5% |
Summary: The 07405 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 increased by 16.7%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 21.4%, and 5+ bedroom homes increased by 37.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 10 | 9 | -10.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 07405, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in 07405 in March 2024, down by 10.0% month-over-month. Of the 9 sold homes, 67% were sold under asking, 22% were sold at asking, and 11% were sold over asking.
Days on Market for 07405, NJ
We’re sorry, we don't have information for this market at the moment
