Is 08002, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08002 is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, 08002 has remained a Seller's Market.

Key Takeaway

08002 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 08002, NJ

How much do homes in 08002, NJ cost?

Median Sold Price

$381,000

$216/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$36,000(+10.4%)

Key Takeaway

Homes in 08002 have sold for 10.4% more than they did a year ago.

Summary: The median home sold price in 08002 was $381,000 in February 2024, up 10.4% from last year, and the median price per square foot was $216.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $127K$140K
+10.2%
2 $199.2K$285K
+43.0%
3 $345K$378.5K
+9.7%
4 $405K$430K
+6.2%
5+ $452K$524K
+15.9%

Summary: 08002 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.2%, 2 bedroom homes increased by 43%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 6.2%, and 5+ bedroom homes increased by 15.9%.

Median Sold Price Compared To Nearby Zip Codes

08108
+14.9%
08034
+14.3%
08002
+10.4%
08052
+8.7%
08109
+6.8%

Housing Supply in 08002, NJ

How many homes are available in 08002, NJ?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
7380+9.6%

Summary: The 08002 real estate market had 80 homes for sale in February 2024, a 9.6% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 01
+100.0%
2 1821
+16.7%
3 2938
+31.0%
4 2318
-21.7%
5+ 32
-33.3%

Summary: The 08002 housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 31%, 4 bedroom homes decreased by 21.7%, and 5+ bedroom homes decreased by 33.3%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
1314+7.7%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

3 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08002, you could pay more than the asking price. 71.4% of homes here sold above asking price last month.

Summary: A total of 14 homes were sold or pending in 08002 in February 2024, up by 7.7% month-over-month. Of the 14 sold homes, 7% were sold under asking, 21% were sold at asking, and 71% were sold over asking.

Days on Market for 08002, NJ

How long does it take to sell a home in 08002, NJ?

Average Sale Time

Feb 2023Feb 2024CHANGE
56 Days22 Days-60.7%

Summary: Homes in 08002 had an average of 22 days on market in Feb 2024, down by 60.7% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08002 are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 14 homes were sold in 08002; 71% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in 08002, NJ

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