Is 08007, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, 08007 was a Seller's Market.
Key Takeaway
08007 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 08007, NJ
How much do homes in 08007, NJ cost?
Median Sold Price
$320,000
$217/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 08007 have sold for 14.7% more than they did a year ago.
Summary: The median home sold price in 08007 was $320,000 in April 2024, up 14.7% from last year, and the median price per square foot was $217.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $275K | $210K | -23.6% |
| 3 Bedrooms | $285.5K | $312.5K | +9.5% |
| 4 Bedrooms | $274.9K | $345K | +25.5% |
| 5+ Bedrooms | $345K | $344.9K | 0% |
Summary: 08007 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 23.6%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 25.5%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Zip Codes
| 08035 | $383K | $465K | +21.4% |
| 08007 | $279K | $320K | +14.7% |
| 08049 | $260.5K | $280K | +7.5% |
| 08078 | $260K | $277.5K | +6.7% |
| 08045 | $280K | $296K | +5.7% |
Housing Supply in 08007, NJ
How many homes are available in 08007, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 10 | 12 | +20.0% |
Summary: The 08007 real estate market had 12 homes for sale in April 2024, a 20.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 2 | 3 | +50.0% |
| 4 Bedrooms | 5 | 6 | +20.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The 08007 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 20%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 1 | 2 | +100.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 08007, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 2 homes were sold or pending in 08007 in April 2024, up by 100.0% month-over-month. Of the 2 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for 08007, NJ
How long does it take to sell a home in 08007, NJ?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 55 Days | 30 Days | -46.2% |
Summary: Homes in 08007 had an average of 30 days on market in Apr 2024, down by 46.2% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 08007 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 2 homes were sold in 08007; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
