Is 08406, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, 08406 has remained a Seller's Market.
Key Takeaway
08406 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 08406, NJ
How much do homes in 08406, NJ cost?
Median Sold Price
$485,000
$312/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 08406 have sold for 3.5% more than they did a year ago.
Summary: The median home sold price in 08406 was $485,000 in March 2024, up 3.5% from last year, and the median price per square foot was $312.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $260.5K | $261.5K | 0.4% |
| 2 Bedrooms | $255K | $325K | +27.5% |
| 3 Bedrooms | $468.7K | $474.9K | +1.3% |
| 4 Bedrooms | $775K | $917K | +18.3% |
| 5+ Bedrooms | $1.2M | $1.2M | +5.5% |
Summary: 08406 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.4%, 2 bedroom homes increased by 27.5%, 3 bedroom homes increased by 1.3%, 4 bedroom homes increased by 18.3%, and 5+ bedroom homes increased by 5.5%.
Median Sold Price Compared To Nearby Zip Codes
| 08401 | $172.2K | $220.5K | +28.0% |
| 08406 | $468.7K | $485K | +3.5% |
Housing Supply in 08406, NJ
How many homes are available in 08406, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 100 | 109 | +9.0% |
Summary: The 08406 real estate market had 109 homes for sale in March 2024, a 9.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 13 | +30.0% |
| 2 Bedrooms | 23 | 23 | 0.0% |
| 3 Bedrooms | 32 | 39 | +21.9% |
| 4 Bedrooms | 9 | 7 | -22.2% |
| 5+ Bedrooms | 26 | 27 | +3.8% |
Summary: The 08406 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 30%, 2 bedroom homes remained the same, 3 bedroom homes increased by 21.9%, 4 bedroom homes decreased by 22.2%, and 5+ bedroom homes increased by 3.8%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 10 | 29 | +190.0% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 08406, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 29 homes were sold or pending in 08406 in March 2024, up by 190.0% month-over-month. Of the 24 sold homes, 75% were sold under asking, 8% were sold at asking, and 17% were sold over asking.
Days on Market for 08406, NJ
How long does it take to sell a home in 08406, NJ?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 51 Days | 70 Days | +38.4% |
Summary: Homes in 08406 had an average of 70 days on market in Mar 2024, up by 38.4% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
9 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 08406 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 29 homes were sold in 08406; 38% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 31% of homes were sold over 90 days.
Disclaimer: The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the South Jersey Shore Regional (SJSR) MLS. Real estate listings held by brokerage firms are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. © 2024 SJSR MLS. All rights reserved. 
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.