Is 08055, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, 08055 has remained a Seller's Market.
Key Takeaway
08055 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 08055, NJ
How much do homes in 08055, NJ cost?
Median Sold Price
$550,000
$227/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 08055 have sold for 9.8% more than they did a year ago.
Summary: The median home sold price in 08055 was $550,000 in April 2024, up 9.8% from last year, and the median price per square foot was $227.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $156K | $170K | +9.0% |
| 2 Bedrooms | $390K | $489.5K | +25.5% |
| 3 Bedrooms | $413K | $440K | +6.5% |
| 4 Bedrooms | $587.5K | $595K | +1.3% |
| 5+ Bedrooms | $610K | $680K | +11.5% |
Summary: 08055 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9%, 2 bedroom homes increased by 25.5%, 3 bedroom homes increased by 6.5%, 4 bedroom homes increased by 1.3%, and 5+ bedroom homes increased by 11.5%.
Housing Supply in 08055, NJ
How many homes are available in 08055, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 77 | 93 | +20.8% |
Summary: The 08055 real estate market had 93 homes for sale in April 2024, a 20.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 3 | 5 | +66.7% |
| 3 Bedrooms | 25 | 26 | +4.0% |
| 4 Bedrooms | 25 | 40 | +60.0% |
| 5+ Bedrooms | 22 | 21 | -4.5% |
Summary: The 08055 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 66.7%, 3 bedroom homes increased by 4%, 4 bedroom homes increased by 60%, and 5+ bedroom homes decreased by 4.5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 18 | 22 | +22.2% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 08055, you could pay more than the asking price. 68.2% of homes here sold above asking price last month.
Summary: A total of 22 homes were sold or pending in 08055 in April 2024, up by 22.2% month-over-month. Of the 22 sold homes, 18% were sold under asking, 14% were sold at asking, and 68% were sold over asking.
Days on Market for 08055, NJ
How long does it take to sell a home in 08055, NJ?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 40 Days | 29 Days | -26.6% |
Summary: Homes in 08055 had an average of 29 days on market in Apr 2024, down by 26.6% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 08055 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 22 homes were sold in 08055; 82% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
