Is 08502, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, 08502 was a Seller's Market.
Key Takeaway
08502 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 08502, NJ
How much do homes in 08502, NJ cost?
Median Sold Price
$975,000
$312/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 08502 have sold for 11.7% more than they did a year ago.
Summary: The median home sold price in 08502 was $975,000 in April 2024, up 11.7% from last year, and the median price per square foot was $312.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $232.5K | $352K | +51.4% |
| 2 Bedrooms | $423K | $455K | +7.6% |
| 3 Bedrooms | $550K | $627.5K | +14.1% |
| 4 Bedrooms | $880K | $985K | +11.9% |
| 5+ Bedrooms | $1.1M | $1.1M | -2.7% |
Summary: 08502 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 51.4%, 2 bedroom homes increased by 7.6%, 3 bedroom homes increased by 14.1%, 4 bedroom homes increased by 11.9%, and 5+ bedroom homes decreased by 2.7%.
Housing Supply in 08502, NJ
How many homes are available in 08502, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 22 | 39 | +77.3% |
Summary: The 08502 real estate market had 39 homes for sale in April 2024, a 77.3% 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 | 0 | 2 | +100.0% |
| 3 Bedrooms | 4 | 6 | +50.0% |
| 4 Bedrooms | 12 | 18 | +50.0% |
| 5+ Bedrooms | 6 | 13 | +116.7% |
Summary: The 08502 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 100%, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 50%, and 5+ bedroom homes increased by 116.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 1 | 4 | +300.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 08502, you could pay more than the asking price. 75% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in 08502 in April 2024, up by 300.0% month-over-month. Of the 4 sold homes, 0% were sold under asking, 25% were sold at asking, and 75% were sold over asking.
Days on Market for 08502, NJ
How long does it take to sell a home in 08502, NJ?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 6 Days | 6 Days | +8.3% |
Summary: Homes in 08502 had an average of 6 days on market in Apr 2024, up by 8.3% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 08502 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 4 homes were sold in 08502; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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