Is 08648, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, 08648 was a Seller's Market.
Key Takeaway
08648 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 08648, NJ
How much do homes in 08648, NJ cost?
Median Sold Price
$415,000
$252/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 08648 have sold for 8.3% more than they did a year ago.
Summary: The median home sold price in 08648 was $415,000 in March 2024, up 8.3% from last year, and the median price per square foot was $252.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $160K | $175K | +9.4% |
| 2 Bedrooms | $270K | $325K | +20.4% |
| 3 Bedrooms | $390K | $426.5K | +9.4% |
| 4 Bedrooms | $537.5K | $570K | +6.0% |
| 5+ Bedrooms | $575K | $795K | +38.3% |
Summary: 08648 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.4%, 2 bedroom homes increased by 20.4%, 3 bedroom homes increased by 9.4%, 4 bedroom homes increased by 6%, and 5+ bedroom homes increased by 38.3%.
Housing Supply in 08648, NJ
How many homes are available in 08648, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 106 | 108 | +1.9% |
Summary: The 08648 real estate market had 108 homes for sale in March 2024, a 1.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 4 | 0.0% |
| 2 Bedrooms | 19 | 19 | 0.0% |
| 3 Bedrooms | 47 | 45 | -4.3% |
| 4 Bedrooms | 27 | 30 | +11.1% |
| 5+ Bedrooms | 9 | 10 | +11.1% |
Summary: The 08648 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 remained the same, 3 bedroom homes decreased by 4.3%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes increased by 11.1%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 15 | 17 | +13.3% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 08648, you may be able to get a good deal. 47.1% of homes here sold below asking price last month.
Summary: A total of 17 homes were sold or pending in 08648 in March 2024, up by 13.3% month-over-month. Of the 17 sold homes, 47% were sold under asking, 12% were sold at asking, and 41% were sold over asking.
Days on Market for 08648, NJ
How long does it take to sell a home in 08648, NJ?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 38 Days | 34 Days | -11.5% |
Summary: Homes in 08648 had an average of 34 days on market in Mar 2024, down by 11.5% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 08648 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 17 homes were sold in 08648; 65% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
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