Is 07940, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, 07940 has remained a Seller's Market.
Key Takeaway
07940 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 07940, NJ
How much do homes in 07940, NJ cost?
Median Sold Price
$900,000
$509/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 07940 have sold for 3.2% more than they did a year ago.
Summary: The median home sold price in 07940 was $900,000 in March 2024, up 3.2% from last year, and the median price per square foot was $509.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $400K | - | N/A |
| 2 Bedrooms | $515.2K | $462K | -10.3% |
| 3 Bedrooms | $737.5K | $745K | +1.0% |
| 4 Bedrooms | $1.1M | $1.0M | -9.2% |
| 5+ Bedrooms | $1.6M | $1.9M | +15.2% |
Summary: 07940 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 decreased by 10.3%, 3 bedroom homes increased by 1%, 4 bedroom homes decreased by 9.2%, and 5+ bedroom homes increased by 15.2%.
Housing Supply in 07940, NJ
How many homes are available in 07940, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 30 | 38 | +26.7% |
Summary: The 07940 real estate market had 38 homes for sale in March 2024, a 26.7% 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 | 2 | 5 | +150.0% |
| 3 Bedrooms | 11 | 11 | 0.0% |
| 4 Bedrooms | 6 | 8 | +33.3% |
| 5+ Bedrooms | 11 | 14 | +27.3% |
Summary: The 07940 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 150%, 3 bedroom homes remained the same, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 27.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 9 | +200.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 07940, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in 07940 in March 2024, up by 200.0% month-over-month. Of the 9 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market for 07940, NJ
We’re sorry, we don't have information for this market at the moment
