Is 08611, 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, 08611 was a Seller's Market.
Key Takeaway
08611 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 08611, NJ
How much do homes in 08611, NJ cost?
Median Sold Price
$170,000
$139/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 08611 have sold for 36% more than they did a year ago.
Summary: The median home sold price in 08611 was $170,000 in April 2024, up 36% from last year, and the median price per square foot was $139.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $179.9K | - | N/A |
| 2 Bedrooms | $110K | $127K | +15.5% |
| 3 Bedrooms | $112.5K | $175K | +55.6% |
| 4 Bedrooms | $151K | $179.5K | +18.9% |
| 5+ Bedrooms | $140K | $244.9K | +75.0% |
Summary: 08611 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 15.5%, 3 bedroom homes increased by 55.6%, 4 bedroom homes increased by 18.9%, and 5+ bedroom homes increased by 75%.
Housing Supply in 08611, NJ
How many homes are available in 08611, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 41 | 44 | +7.3% |
Summary: The 08611 real estate market had 44 homes for sale in April 2024, a 7.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 10 | 9 | -10.0% |
| 3 Bedrooms | 21 | 22 | +4.8% |
| 4 Bedrooms | 7 | 9 | +28.6% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The 08611 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 10%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 12 | 4 | -66.7% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 08611, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in 08611 in April 2024, down by 66.7% month-over-month. Of the 4 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for 08611, NJ
How long does it take to sell a home in 08611, NJ?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 35 Days | 12 Days | -64.3% |
Summary: Homes in 08611 had an average of 12 days on market in Apr 2024, down by 64.3% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 08611 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 4 homes were sold in 08611; 75% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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