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 21 Days Ago

Newest Listings in 07016, NJ

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