Is 08831, 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, 08831 has remained a Seller's Market.
Housing Prices in 08831, NJ
How much do homes in 08831, NJ cost?
Median Sold Price
$430,000
$266/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 08831 was $430,000 in March 2024, up 6.8% from last year, and the median price per square foot was $266.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $170K | $151.2K | -11.0% |
2 Bedrooms | $331.8K | $360K | +8.5% |
3 Bedrooms | $499.9K | $506.6K | +1.3% |
4 Bedrooms | $747.5K | $763K | +2.1% |
5+ Bedrooms | $850K | $1.0M | +29.4% |
Summary: 08831 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 11%, 2 bedroom homes increased by 8.5%, 3 bedroom homes increased by 1.3%, 4 bedroom homes increased by 2.1%, and 5+ bedroom homes increased by 29.4%.
Housing Supply in 08831, NJ
How many homes are available in 08831, NJ?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
289 | 343 | +18.7% |
Summary: The 08831 real estate market had 343 homes for sale in March 2024, a 18.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 5 | 5 | 0.0% |
2 Bedrooms | 164 | 191 | +16.5% |
3 Bedrooms | 59 | 78 | +32.2% |
4 Bedrooms | 38 | 43 | +13.2% |
5+ Bedrooms | 23 | 26 | +13.0% |
Summary: The 08831 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 increased by 16.5%, 3 bedroom homes increased by 32.2%, 4 bedroom homes increased by 13.2%, and 5+ bedroom homes increased by 13%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
48 | 71 | +47.9% |
Asking Price vs. Sold Price
28 Homes Were Sold
Under Asking
15 Homes Were Sold
At Asking
28 Homes Were Sold
Over Asking
Summary: A total of 71 homes were sold or pending in 08831 in March 2024, up by 47.9% month-over-month. Of the 71 sold homes, 39% were sold under asking, 21% were sold at asking, and 39% were sold over asking.
Days on Market for 08831, NJ
How long does it take to sell a home in 08831, NJ?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
49 Days | 45 Days | -7.0% |
Summary: Homes in 08831 had an average of 45 days on market in Mar 2024, down by 7% compared to last year.
Breakdown of Home Sale Times
39 Homes Were Sold
Under 30 Days
21 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Summary: During March 2024, 71 homes were sold in 08831; 55% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.