Is 08902, 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, 08902 has remained a Seller's Market.
Key Takeaway
08902 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 08902, NJ
How much do homes in 08902, NJ cost?
Median Sold Price
$431,366
$280/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 08902 have sold for 6.8% more than they did a year ago.
Summary: The median home sold price in 08902 was $431,366 in March 2024, up 6.8% from last year, and the median price per square foot was $280.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $195K | $229K | +17.4% |
| 2 Bedrooms | $305K | $345K | +13.1% |
| 3 Bedrooms | $435K | $507K | +16.6% |
| 4 Bedrooms | $550K | $635K | +15.5% |
| 5+ Bedrooms | $629K | $702.5K | +11.7% |
Summary: 08902 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.4%, 2 bedroom homes increased by 13.1%, 3 bedroom homes increased by 16.6%, 4 bedroom homes increased by 15.5%, and 5+ bedroom homes increased by 11.7%.
Housing Supply in 08902, NJ
How many homes are available in 08902, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 86 | 105 | +22.1% |
Summary: The 08902 real estate market had 105 homes for sale in March 2024, a 22.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 8 | 0.0% |
| 2 Bedrooms | 29 | 33 | +13.8% |
| 3 Bedrooms | 27 | 34 | +25.9% |
| 4 Bedrooms | 17 | 23 | +35.3% |
| 5+ Bedrooms | 5 | 7 | +40.0% |
Summary: The 08902 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 13.8%, 3 bedroom homes increased by 25.9%, 4 bedroom homes increased by 35.3%, and 5+ bedroom homes increased by 40%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 12 | 26 | +116.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 08902, you could pay more than the asking price. 69.2% of homes here sold above asking price last month.
Summary: A total of 26 homes were sold or pending in 08902 in March 2024, up by 116.7% month-over-month. Of the 26 sold homes, 15% were sold under asking, 15% were sold at asking, and 69% were sold over asking.
Days on Market for 08902, NJ
How long does it take to sell a home in 08902, NJ?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 34 Days | 22 Days | -34.1% |
Summary: Homes in 08902 had an average of 22 days on market in Mar 2024, down by 34.1% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 08902 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 26 homes were sold in 08902; 77% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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