Is 07016, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 07016 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 07016 has remained a Seller's Market.

Key Takeaway

07016 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 07016, NJ

How much do homes in 07016, NJ cost?

Median Sold Price

$739,000

$360/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$79,000(+12.0%)

Key Takeaway

Homes in 07016 have sold for 12% more than they did a year ago.

Summary: The median home sold price in 07016 was $739,000 in October 2024, up 12% from last year, and the median price per square foot was $360.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $267K$315K
+18.0%
2 $360K$419K
+16.4%
3 $600K$687.5K
+14.6%
4 $732.5K$828K
+13.0%
5+ $962K$1.0M
+5.5%

Summary: 07016 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18%, 2 bedroom homes increased by 16.4%, 3 bedroom homes increased by 14.6%, 4 bedroom homes increased by 13%, and 5+ bedroom homes increased by 5.5%.

Median Sold Price Compared To Nearby Zip Codes

07027
+21.3%
07090
+18.0%
07016
+12.0%
07033
+6.0%
07204
+4.2%

Housing Supply in 07016, NJ

How many homes are available in 07016, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
4763+34.0%

Summary: The 07016 real estate market had 63 homes for sale in October 2024, a 34.0% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 10
-100.0%
2 56
+20.0%
3 1623
+43.8%
4 1723
+35.3%
5+ 811
+37.5%

Summary: The 07016 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 43.8%, 4 bedroom homes increased by 35.3%, and 5+ bedroom homes increased by 37.5%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1312-7.7%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 07016, you could pay more than the asking price. 83.3% of homes here sold above asking price last month.

Summary: A total of 12 homes were sold or pending in 07016 in October 2024, down by 7.7% month-over-month. Of the 12 sold homes, 17% were sold under asking, 0% were sold at asking, and 83% were sold over asking.

Days on Market for 07016, NJ

How long does it take to sell a home in 07016, NJ?

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 07016 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 12 homes were sold in 07016; 8% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% 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 4 Days Ago

Newest Listings in 07016, NJ

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