Is 08051, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, 08051 has remained a Seller's Market.
Housing Prices in 08051, NJ
How much do homes in 08051, NJ cost?
Median Sold Price
$252,000
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in 08051 was $252,000 in May 2024, up 10% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $165K | $160K | -3.0% |
2 Bedrooms | $202.5K | $224.9K | +11.1% |
3 Bedrooms | $260K | $285K | +9.6% |
4 Bedrooms | $425K | $450K | +5.9% |
5+ Bedrooms | $355K | $810K | +128.2% |
Summary: 08051 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3%, 2 bedroom homes increased by 11.1%, 3 bedroom homes increased by 9.6%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes increased by 128.2%.
Median Sold Price Compared To Nearby Zip Codes
08086 | $262K | $316.2K | +20.7% |
08090 | $297K | $330.5K | +11.3% |
08051 | $229K | $252K | +10.0% |
08061 | $340K | $358K | +5.3% |
08020 | $395K | $387K | -2.0% |
Housing Supply in 08051, NJ
How many homes are available in 08051, NJ?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
31 | 48 | +54.8% |
Summary: The 08051 real estate market had 48 homes for sale in May 2024, a 54.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 4 | +300.0% |
2 Bedrooms | 13 | 17 | +30.8% |
3 Bedrooms | 10 | 16 | +60.0% |
4 Bedrooms | 6 | 9 | +50.0% |
5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The 08051 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 300%, 2 bedroom homes increased by 30.8%, 3 bedroom homes increased by 60%, 4 bedroom homes increased by 50%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
5 | 13 | +160.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 13 homes were sold or pending in 08051 in May 2024, up by 160.0% month-over-month. Of the 13 sold homes, 15% were sold under asking, 23% were sold at asking, and 62% were sold over asking.
Days on Market for 08051, NJ
How long does it take to sell a home in 08051, NJ?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
15 Days | 27 Days | +72.3% |
Summary: Homes in 08051 had an average of 27 days on market in May 2024, up by 72.3% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 13 homes were sold in 08051; 77% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.