Is 08034, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08034 is a neutral's market

Buyer's
Market

Difference Since February 2023

At the same time last year, 08034 was a Seller's Market.

Key Takeaway

08034 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 08034, NJ

How much do homes in 08034, NJ cost?

Median Sold Price

$400,000

$223/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$50,000(+14.3%)

Key Takeaway

Homes in 08034 have sold for 14.3% more than they did a year ago.

Summary: The median home sold price in 08034 was $400,000 in February 2024, up 14.3% from last year, and the median price per square foot was $223.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $120K$143.1K
+19.3%
2 $245K$263K
+7.3%
3 $342K$385.5K
+12.7%
4 $440K$507.5K
+15.3%
5+ $562.5K$451.5K
-19.7%

Summary: 08034 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.3%, 2 bedroom homes increased by 7.3%, 3 bedroom homes increased by 12.7%, 4 bedroom homes increased by 15.3%, and 5+ bedroom homes decreased by 19.7%.

Median Sold Price Compared To Nearby Zip Codes

08034
+14.3%
08003
+13.5%
08002
+10.4%
08033
+8.8%
08052
+8.7%

Housing Supply in 08034, NJ

How many homes are available in 08034, NJ?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
5265+25.0%

Summary: The 08034 real estate market had 65 homes for sale in February 2024, a 25.0% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 32
-33.3%
2 1314
+7.7%
3 1822
+22.2%
4 1521
+40.0%
5+ 36
+100.0%

Summary: The 08034 housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 7.7%, 3 bedroom homes increased by 22.2%, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
710+42.9%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08034, you could pay more than the asking price. 80% of homes here sold above asking price last month.

Summary: A total of 10 homes were sold or pending in 08034 in February 2024, up by 42.9% month-over-month. Of the 10 sold homes, 0% were sold under asking, 20% were sold at asking, and 80% were sold over asking.

Days on Market for 08034, NJ

How long does it take to sell a home in 08034, NJ?

Average Sale Time

Feb 2023Feb 2024CHANGE
20 Days23 Days+11.3%

Summary: Homes in 08034 had an average of 23 days on market in Feb 2024, up by 11.3% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08034 are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 10 homes were sold in 08034; 70% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 0% 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 27 Days Ago

Newest Listings in 08034, NJ

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