Is 08501, 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, 08501 has remained a Seller's Market.
Housing Prices in 08501, NJ
How much do homes in 08501, NJ cost?
Median Sold Price
$550,000
$258/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 08501 was $550,000 in March 2024, down 8.3% from last year, and the median price per square foot was $258.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $152.5K | N/A |
2 Bedrooms | $452K | $507.5K | +12.3% |
3 Bedrooms | $505K | $490K | -3.0% |
4 Bedrooms | $725K | $735K | +1.4% |
5+ Bedrooms | $840K | $1.0M | +22.0% |
Summary: 08501 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 12.3%, 3 bedroom homes decreased by 3%, 4 bedroom homes increased by 1.4%, and 5+ bedroom homes increased by 22%.
Housing Supply in 08501, NJ
How many homes are available in 08501, NJ?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
21 | 18 | -14.3% |
Summary: The 08501 real estate market had 18 homes for sale in March 2024, a 14.3% decrease 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 | 5 | 3 | -40.0% |
3 Bedrooms | 7 | 6 | -14.3% |
4 Bedrooms | 6 | 6 | 0.0% |
5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The 08501 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 decreased by 40%, 3 bedroom homes decreased by 14.3%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
2 | 6 | +200.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 6 homes were sold or pending in 08501 in March 2024, up by 200.0% month-over-month. Of the 6 sold homes, 50% were sold under asking, 17% were sold at asking, and 33% were sold over asking.
Days on Market for 08501, NJ
How long does it take to sell a home in 08501, NJ?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
47 Days | 107 Days | +128.0% |
Summary: Homes in 08501 had an average of 107 days on market in Mar 2024, up by 128% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During March 2024, 6 homes were sold in 08501; 17% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.