Is 07508, 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, 07508 was a Seller's Market.
Key Takeaway
07508 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 07508, NJ
How much do homes in 07508, NJ cost?
Median Sold Price
$535,000
-
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 07508 have sold for 13.9% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $344.4K | $372.5K | +8.1% |
| 3 Bedrooms | $458.7K | $545K | +18.8% |
| 4 Bedrooms | $552.5K | $643.5K | +16.5% |
| 5+ Bedrooms | $698K | $777.5K | +11.4% |
Summary: 07508 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 8.1%, 3 bedroom homes increased by 18.8%, 4 bedroom homes increased by 16.5%, and 5+ bedroom homes increased by 11.4%.
Housing Supply in 07508, NJ
How many homes are available in 07508, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 28 | 36 | +28.6% |
Summary: The 07508 real estate market had 36 homes for sale in March 2024, a 28.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 3 | 2 | -33.3% |
| 3 Bedrooms | 17 | 19 | +11.8% |
| 4 Bedrooms | 6 | 10 | +66.7% |
| 5+ Bedrooms | 2 | 4 | +100.0% |
Summary: The 07508 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 33.3%, 3 bedroom homes increased by 11.8%, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 7 | 4 | -42.9% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 07508, you could pay more than the asking price. 75% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in 07508 in March 2024, down by 42.9% month-over-month. Of the 4 sold homes, 25% were sold under asking, 0% were sold at asking, and 75% were sold over asking.
Days on Market for 07508, NJ
We’re sorry, we don't have information for this market at the moment
