Is 08002, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 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
$400,000
$222/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in 08002 have sold for 14.3% more than they did a year ago.
Summary: The median home sold price in 08002 was $400,000 in June 2024, up 14.3% from last year, and the median price per square foot was $222.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $140K | $150K | +7.1% |
| 2 Bedrooms | $230K | $290K | +26.1% |
| 3 Bedrooms | $345K | $390K | +13.0% |
| 4 Bedrooms | $420K | $460K | +9.5% |
| 5+ Bedrooms | $467.5K | $514K | +9.9% |
Summary: 08002 housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.1%, 2 bedroom homes increased by 26.1%, 3 bedroom homes increased by 13%, 4 bedroom homes increased by 9.5%, and 5+ bedroom homes increased by 9.9%.
Housing Supply in 08002, NJ
How many homes are available in 08002, NJ?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 77 | 81 | +5.2% |
Summary: The 08002 real estate market had 81 homes for sale in June 2024, a 5.2% increase compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 4 | +33.3% |
| 2 Bedrooms | 15 | 15 | 0.0% |
| 3 Bedrooms | 34 | 36 | +5.9% |
| 4 Bedrooms | 20 | 18 | -10.0% |
| 5+ Bedrooms | 5 | 8 | +60.0% |
Summary: The 08002 housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes remained the same, 3 bedroom homes increased by 5.9%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes increased by 60%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 22 | 26 | +18.2% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 08002, you could pay more than the asking price. 61.5% of homes here sold above asking price last month.
Summary: A total of 26 homes were sold or pending in 08002 in June 2024, up by 18.2% month-over-month. Of the 26 sold homes, 31% were sold under asking, 8% were sold at asking, and 62% 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
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 11 Days | 21 Days | +83.4% |
Summary: Homes in 08002 had an average of 21 days on market in Jun 2024, up by 83.4% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 08002 are selling fast, if you're buying plan to act quickly.
Summary: During June 2024, 26 homes were sold in 08002; 85% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
