Is 08638, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08638 is a neutral's market

Buyer's
Market

Difference Since January 2022

At the same time last year, 08638 was a Seller's Market.

Key Takeaway

08638 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

How much do homes in 08638, NJ cost?

Median Sold Price

$270,000

$187/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2022

+$6,950(+2.6%)

Key Takeaway

Homes in 08638 have sold for 2.6% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJan 2022Jan 2023%
1 $95.5K$650K
+580.6%
2 $194.5K$190K
-2.3%
3 $253K$250K
-1.2%
4 $330K$327.5K
-0.8%
5+ $392K$226.8K
-42.1%

Median Sold Price Compared To Nearby Zip Codes

08648
+5.6%
08638
+2.6%
08618
+1.3%
08628
0.1%

How many homes are available in 08638, NJ?

Number of Homes For Sale

Dec 2022Jan 2023%
10488-15.4%

Homes For Sale By Bedroom Count

# BEDSDec 2022Jan 2023%
1 11
0.0%
2 1314
+7.7%
3 4944
-10.2%
4 3623
-36.1%
5+ 56
+20.0%

Number of Homes Sold

Dec 2022Jan 2023%
2814-50.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08638, you could pay more than the asking price. 64.3% of homes here sold above asking price last month.

Average Sale Time

Jan 2022Jan 2023%
49 Days31 Days-36.7%

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08638 are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About 08638, NJ

Number of homes for sale in 08638, NJ real estate market have reached 88. The number of homes for sale in 08638, NJ decreased by 15.4% between December 2022 and January 2023. The median list price of listings available in January 2023 was $270,000, while the average time on the real estate market was 31 days. From December 2022 through January 2023, the following changes in listing prices were observed in this housing market: 1 bedroom properties prices increased by 580.6%, prices of 2 bedrooms properties decreased by 2.3%, the cost of 3 bedrooms properties went down by 1.2%, 4 bedrooms properties prices decreased by 0.8%, 5 bedrooms properties became 42.1% more cheaper. Volume of homes for sale changed: volume of 1 bedroom homes stayed the same, 2 bedrooms homes became 7.7% more available, number of 3 bedrooms homes decreased by 10.2%, volume of 4 bedrooms homes went down by 36.1%, the quantity of 5 bedrooms homes went up by 20%. In January 2023, from all listings sold in 08638, NJ there were more than 9 sold above asking price, over 4 sold below and more than 1 were sold right at the asked price.