Is 07506, 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, 07506 was a Seller's Market.
Key Takeaway
07506 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 07506, NJ
How much do homes in 07506, NJ cost?
Median Sold Price
$520,000
$256/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 07506 have sold for 7.2% more than they did a year ago.
Summary: The median home sold price in 07506 was $520,000 in March 2024, up 7.2% from last year, and the median price per square foot was $256.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $265K | $322.5K | +21.7% |
| 2 Bedrooms | $425K | $490K | +15.3% |
| 3 Bedrooms | $467.5K | $505K | +8.0% |
| 4 Bedrooms | $565K | $617.5K | +9.3% |
| 5+ Bedrooms | $575K | $700K | +21.7% |
Summary: 07506 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.7%, 2 bedroom homes increased by 15.3%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 9.3%, and 5+ bedroom homes increased by 21.7%.
Housing Supply in 07506, NJ
How many homes are available in 07506, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 31 | 31 | 0.0% |
Summary: The 07506 real estate market had 31 homes for sale in March 2024, the same as February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 5 | 5 | 0.0% |
| 3 Bedrooms | 14 | 13 | -7.1% |
| 4 Bedrooms | 7 | 8 | +14.3% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The 07506 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 decreased by 7.1%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 8 | 5 | -37.5% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 07506, you could pay more than the asking price. 60% of homes here sold above asking price last month.
Summary: A total of 5 homes were sold or pending in 07506 in March 2024, down by 37.5% month-over-month. Of the 5 sold homes, 0% were sold under asking, 40% were sold at asking, and 60% were sold over asking.
Days on Market for 07506, NJ
We’re sorry, we don't have information for this market at the moment
