Is 07006, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 07006 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 07006 has remained a Seller's Market.

Key Takeaway

07006 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 07006, NJ

How much do homes in 07006, NJ cost?

Median Sold Price

$736,333

$333/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$101,333(+16.0%)

Key Takeaway

Homes in 07006 have sold for 16% more than they did a year ago.

Summary: The median home sold price in 07006 was $736,333 in October 2024, up 16% from last year, and the median price per square foot was $333.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $255K$275K
+7.8%
2 $495K$490K
-1.0%
3 $605K$675K
+11.6%
4 $721.5K$875K
+21.3%
5+ $1.0M$1.2M
+11.6%

Summary: 07006 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.8%, 2 bedroom homes decreased by 1%, 3 bedroom homes increased by 11.6%, 4 bedroom homes increased by 21.3%, and 5+ bedroom homes increased by 11.6%.

Median Sold Price Compared To Nearby Zip Codes

07006
+16.0%
07044
+15.5%
07004
+11.6%
07068
+11.1%

Housing Supply in 07006, NJ

How many homes are available in 07006, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
7582+9.3%

Summary: The 07006 real estate market had 82 homes for sale in October 2024, a 9.3% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 43
-25.0%
2 78
+14.3%
3 1716
-5.9%
4 3129
-6.5%
5+ 1626
+62.5%

Summary: The 07006 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 14.3%, 3 bedroom homes decreased by 5.9%, 4 bedroom homes decreased by 6.5%, and 5+ bedroom homes increased by 62.5%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2115-28.6%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 07006, you could pay more than the asking price. 86.7% of homes here sold above asking price last month.

Summary: A total of 15 homes were sold or pending in 07006 in October 2024, down by 28.6% month-over-month. Of the 15 sold homes, 13% were sold under asking, 0% were sold at asking, and 87% were sold over asking.

Days on Market for 07006, NJ

We’re sorry, we don't have information for this market at the moment

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

Report Updated 4 Days Ago

Newest Listings in 07006, NJ

Nearby Markets to 07006, NJ