Is 08751, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08751 is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, 08751 was a Neutral Market.

Key Takeaway

08751 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 08751, NJ

How much do homes in 08751, NJ cost?

Median Sold Price

$675,000

$418/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$104,050(+18.2%)

Key Takeaway

Homes in 08751 have sold for 18.2% more than they did a year ago.

Summary: The median home sold price in 08751 was $675,000 in February 2024, up 18.2% from last year, and the median price per square foot was $418.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $211.2K$245K
+16.0%
2 $410K$395K
-3.7%
3 $535.5K$644.9K
+20.4%
4 $794.5K$790K
-0.6%
5+ $814K$899.9K
+10.6%

Summary: 08751 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16%, 2 bedroom homes decreased by 3.7%, 3 bedroom homes increased by 20.4%, 4 bedroom homes decreased by 0.6%, and 5+ bedroom homes increased by 10.6%.

Median Sold Price Compared To Nearby Zip Codes

08751
+18.2%
08753
+7.2%
08735
+3.9%
08752
+3.5%

Housing Supply in 08751, NJ

How many homes are available in 08751, NJ?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
7395+30.1%

Summary: The 08751 real estate market had 95 homes for sale in February 2024, a 30.1% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 20
-100.0%
2 1217
+41.7%
3 1519
+26.7%
4 1521
+40.0%
5+ 2938
+31.0%

Summary: The 08751 housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 41.7%, 3 bedroom homes increased by 26.7%, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 31%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
810+25.0%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08751, you may be able to get a good deal. 80% of homes here sold below asking price last month.

Summary: A total of 10 homes were sold or pending in 08751 in February 2024, up by 25.0% month-over-month. Of the 10 sold homes, 80% were sold under asking, 20% were sold at asking, and 0% were sold over asking.

Days on Market for 08751, NJ

How long does it take to sell a home in 08751, NJ?

Average Sale Time

Feb 2023Feb 2024CHANGE
72 Days69 Days-3.8%

Summary: Homes in 08751 had an average of 69 days on market in Feb 2024, down by 3.8% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08751 are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 10 homes were sold in 08751; 40% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.

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

Report Updated 27 Days Ago

Newest Listings in 08751, NJ

Nearby Markets to 08751, NJ