Is 08701, 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, 08701 has remained a Seller's Market.
Key Takeaway
08701 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 08701, NJ
How much do homes in 08701, NJ cost?
Median Sold Price
$326,119
$223/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 08701 have sold for 6.5% less than they did a year ago.
Summary: The median home sold price in 08701 was $326,119 in March 2024, down 6.5% from last year, and the median price per square foot was $223.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $115K | $133K | +15.7% |
| 2 Bedrooms | $240K | $250K | +4.2% |
| 3 Bedrooms | $559K | $559K | 0.0% |
| 4 Bedrooms | $701K | $690K | -1.6% |
| 5+ Bedrooms | $899.9K | $980K | +8.9% |
Summary: 08701 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.7%, 2 bedroom homes increased by 4.2%, 3 bedroom homes did not change, 4 bedroom homes decreased by 1.6%, and 5+ bedroom homes increased by 8.9%.
Housing Supply in 08701, NJ
How many homes are available in 08701, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 213 | 202 | -5.2% |
Summary: The 08701 real estate market had 202 homes for sale in March 2024, a 5.2% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 14 | 15 | +7.1% |
| 2 Bedrooms | 107 | 105 | -1.9% |
| 3 Bedrooms | 37 | 27 | -27.0% |
| 4 Bedrooms | 17 | 20 | +17.6% |
| 5+ Bedrooms | 38 | 35 | -7.9% |
Summary: The 08701 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.1%, 2 bedroom homes decreased by 1.9%, 3 bedroom homes decreased by 27%, 4 bedroom homes increased by 17.6%, and 5+ bedroom homes decreased by 7.9%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 42 | 38 | -9.5% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 08701, you may be able to get a good deal. 52.6% of homes here sold below asking price last month.
Summary: A total of 38 homes were sold or pending in 08701 in March 2024, down by 9.5% month-over-month. Of the 38 sold homes, 53% were sold under asking, 13% were sold at asking, and 34% were sold over asking.
Days on Market for 08701, NJ
How long does it take to sell a home in 08701, NJ?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 55 Days | 50 Days | -9.7% |
Summary: Homes in 08701 had an average of 50 days on market in Mar 2024, down by 9.7% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 08701 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 38 homes were sold in 08701; 53% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Monmouth/Ocean MLS Monmouth County Association Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2024 Monmouth/Ocean MLS Monmouth County Association Board of Realtors. All Rights Reserved.
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.