Is 08109, 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, 08109 was a Seller's Market.
Key Takeaway
08109 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 08109, NJ
How much do homes in 08109, NJ cost?
Median Sold Price
$300,000
$194/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 08109 have sold for 3.4% more than they did a year ago.
Summary: The median home sold price in 08109 was $300,000 in March 2024, up 3.4% from last year, and the median price per square foot was $194.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $154.9K | - | N/A |
| 2 Bedrooms | $209.5K | $212K | +1.2% |
| 3 Bedrooms | $280K | $298.4K | +6.6% |
| 4 Bedrooms | $320K | $330K | +3.1% |
| 5+ Bedrooms | $395K | $383.5K | -2.9% |
Summary: 08109 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 1.2%, 3 bedroom homes increased by 6.6%, 4 bedroom homes increased by 3.1%, and 5+ bedroom homes decreased by 2.9%.
Housing Supply in 08109, NJ
How many homes are available in 08109, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 88 | 101 | +14.8% |
Summary: The 08109 real estate market had 101 homes for sale in March 2024, a 14.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 8 | 10 | +25.0% |
| 3 Bedrooms | 48 | 58 | +20.8% |
| 4 Bedrooms | 22 | 24 | +9.1% |
| 5+ Bedrooms | 10 | 9 | -10.0% |
Summary: The 08109 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 20.8%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes decreased by 10%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 11 | 16 | +45.5% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 08109, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 16 homes were sold or pending in 08109 in March 2024, up by 45.5% month-over-month. Of the 16 sold homes, 50% were sold under asking, 19% were sold at asking, and 31% were sold over asking.
Days on Market for 08109, NJ
How long does it take to sell a home in 08109, NJ?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 35 Days | 40 Days | +12.5% |
Summary: Homes in 08109 had an average of 40 days on market in Mar 2024, up by 12.5% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 08109 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 16 homes were sold in 08109; 63% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.
