Is 08088, 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, 08088 has remained a Seller's Market.
Key Takeaway
08088 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 08088, NJ
How much do homes in 08088, NJ cost?
Median Sold Price
$375,125
$218/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
The sold price of homes in 08088 has remained the same since last year.
Summary: The median home sold price in 08088 was $375,125 in April 2024, down 0.2% from last year, and the median price per square foot was $218.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $137K | $123.7K | -9.7% |
| 2 Bedrooms | $255K | $275K | +7.8% |
| 3 Bedrooms | $400K | $390K | -2.5% |
| 4 Bedrooms | $549.9K | $550K | 0.0% |
| 5+ Bedrooms | $535K | $656K | +22.6% |
Summary: 08088 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9.7%, 2 bedroom homes increased by 7.8%, 3 bedroom homes decreased by 2.5%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 22.6%.
Housing Supply in 08088, NJ
How many homes are available in 08088, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 87 | 92 | +5.7% |
Summary: The 08088 real estate market had 92 homes for sale in April 2024, a 5.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 34 | 39 | +14.7% |
| 3 Bedrooms | 19 | 17 | -10.5% |
| 4 Bedrooms | 25 | 29 | +16.0% |
| 5+ Bedrooms | 9 | 7 | -22.2% |
Summary: The 08088 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 14.7%, 3 bedroom homes decreased by 10.5%, 4 bedroom homes increased by 16%, and 5+ bedroom homes decreased by 22.2%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 24 | 17 | -29.2% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 08088, you could pay more than the asking price. 52.9% of homes here sold above asking price last month.
Summary: A total of 17 homes were sold or pending in 08088 in April 2024, down by 29.2% month-over-month. Of the 17 sold homes, 24% were sold under asking, 24% were sold at asking, and 53% were sold over asking.
Days on Market for 08088, NJ
How long does it take to sell a home in 08088, NJ?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 59 Days | 30 Days | -48.2% |
Summary: Homes in 08088 had an average of 30 days on market in Apr 2024, down by 48.2% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 08088 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 17 homes were sold in 08088; 71% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
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