Is 07001, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 07001 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 07001 has remained a Seller's Market.

Key Takeaway

07001 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 07001, NJ

How much do homes in 07001, NJ cost?

Median Sold Price

$466,000

$394/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$53,500(+13.0%)

Key Takeaway

Homes in 07001 have sold for 13% more than they did a year ago.

Summary: The median home sold price in 07001 was $466,000 in October 2024, up 13% from last year, and the median price per square foot was $394.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $75K$70K
-6.7%
2 $323.2K$415.5K
+28.5%
3 $440K$467.9K
+6.4%
4 $485K$522K
+7.6%
5+ $570K$595K
+4.4%

Summary: 07001 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.7%, 2 bedroom homes increased by 28.5%, 3 bedroom homes increased by 6.4%, 4 bedroom homes increased by 7.6%, and 5+ bedroom homes increased by 4.4%.

Median Sold Price Compared To Nearby Zip Codes

07001
+13.0%
07067
+10.5%
07065
+9.2%
07095
+8.9%
07064
+6.3%

Housing Supply in 07001, NJ

How many homes are available in 07001, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
2630+15.4%

Summary: The 07001 real estate market had 30 homes for sale in October 2024, a 15.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 01
+100.0%
2 99
0.0%
3 99
0.0%
4 811
+37.5%
5+ 00
0.0%

Summary: The 07001 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 37.5%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
59+80.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 07001, you could pay more than the asking price. 100% of homes here sold above asking price last month.

Summary: A total of 9 homes were sold or pending in 07001 in October 2024, up by 80.0% month-over-month. Of the 9 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.

Days on Market for 07001, NJ

How long does it take to sell a home in 07001, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
19 Days41 Days+111.0%

Summary: Homes in 07001 had an average of 41 days on market in Oct 2024, up by 111% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 07001 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 9 homes were sold in 07001; 67% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 11% 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 5 Days Ago

Newest Listings in 07001, NJ

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