Is 08050, 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, 08050 was a Seller's Market.
Housing Prices in 08050, NJ
How much do homes in 08050, NJ cost?
Median Sold Price
$515,222
$259/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 08050 was $515,222 in March 2024, up 10.5% from last year, and the median price per square foot was $259.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $150K | $150K | 0.0% |
2 Bedrooms | $282.5K | $309.5K | +9.6% |
3 Bedrooms | $425K | $475K | +11.8% |
4 Bedrooms | $649K | $635K | -2.2% |
5+ Bedrooms | $650K | $727.5K | +11.9% |
Summary: 08050 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 9.6%, 3 bedroom homes increased by 11.8%, 4 bedroom homes decreased by 2.2%, and 5+ bedroom homes increased by 11.9%.
Housing Supply in 08050, NJ
How many homes are available in 08050, NJ?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
182 | 205 | +12.6% |
Summary: The 08050 real estate market had 205 homes for sale in March 2024, a 12.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 2 | -50.0% |
2 Bedrooms | 29 | 28 | -3.4% |
3 Bedrooms | 49 | 64 | +30.6% |
4 Bedrooms | 70 | 79 | +12.9% |
5+ Bedrooms | 30 | 32 | +6.7% |
Summary: The 08050 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes decreased by 3.4%, 3 bedroom homes increased by 30.6%, 4 bedroom homes increased by 12.9%, and 5+ bedroom homes increased by 6.7%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
34 | 29 | -14.7% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Summary: A total of 29 homes were sold or pending in 08050 in March 2024, down by 14.7% month-over-month. Of the 29 sold homes, 48% were sold under asking, 14% were sold at asking, and 38% were sold over asking.
Days on Market for 08050, NJ
How long does it take to sell a home in 08050, NJ?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
46 Days | 40 Days | -11.9% |
Summary: Homes in 08050 had an average of 40 days on market in Mar 2024, down by 11.9% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Summary: During March 2024, 29 homes were sold in 08050; 55% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.