Is 08016, 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, 08016 was a Neutral Market.
Housing Prices in 08016, NJ
How much do homes in 08016, NJ cost?
Median Sold Price
$315,000
$201/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 08016 was $315,000 in March 2024, down 1.6% from last year, and the median price per square foot was $201.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $103K | $95K | -7.8% |
2 Bedrooms | $185K | $175K | -5.4% |
3 Bedrooms | $330K | $309.6K | -6.2% |
4 Bedrooms | $400K | $405K | +1.3% |
5+ Bedrooms | $212.5K | $273.7K | +28.8% |
Summary: 08016 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 7.8%, 2 bedroom homes decreased by 5.4%, 3 bedroom homes decreased by 6.2%, 4 bedroom homes increased by 1.3%, and 5+ bedroom homes increased by 28.8%.
Housing Supply in 08016, NJ
How many homes are available in 08016, NJ?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
165 | 179 | +8.5% |
Summary: The 08016 real estate market had 179 homes for sale in March 2024, a 8.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 5 | +66.7% |
2 Bedrooms | 14 | 13 | -7.1% |
3 Bedrooms | 66 | 81 | +22.7% |
4 Bedrooms | 55 | 53 | -3.6% |
5+ Bedrooms | 27 | 27 | 0.0% |
Summary: The 08016 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes decreased by 7.1%, 3 bedroom homes increased by 22.7%, 4 bedroom homes decreased by 3.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
20 | 12 | -40.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 12 homes were sold or pending in 08016 in March 2024, down by 40.0% month-over-month. Of the 12 sold homes, 50% were sold under asking, 8% were sold at asking, and 42% were sold over asking.
Days on Market for 08016, NJ
How long does it take to sell a home in 08016, NJ?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
39 Days | 70 Days | +79.5% |
Summary: Homes in 08016 had an average of 70 days on market in Mar 2024, up by 79.5% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During March 2024, 12 homes were sold in 08016; 17% of homes were sold within 30 days, 58% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.