$10,000 Closing Credit*
$2,250,000
5 Beds
•3 Full Baths, 1 Partial
Listing Office: KELLER WILLIAMS MID-TOWN DIRECT
Is 07040, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, 07040 was a Seller's Market.
Key Takeaway
07040 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 07040, NJ
How much do homes in 07040, NJ cost?
Median Sold Price
$945,000
-
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$130,000(+16.0%)
Key Takeaway
Homes in 07040 have sold for 16% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $233.5K | $260K | +11.3% |
| 2 Bedrooms | $407.5K | $380.9K | -6.5% |
| 3 Bedrooms | $622.5K | $720K | +15.7% |
| 4 Bedrooms | $892K | $970K | +8.7% |
| 5+ Bedrooms | $1.2M | $1.4M | +15.3% |
Summary: 07040 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.3%, 2 bedroom homes decreased by 6.5%, 3 bedroom homes increased by 15.7%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes increased by 15.3%.
Housing Supply in 07040, NJ
How many homes are available in 07040, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 72 | 85 | +18.1% |
Summary: The 07040 real estate market had 85 homes for sale in October 2024, a 18.1% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 5 | 5 | 0.0% |
| 3 Bedrooms | 24 | 31 | +29.2% |
| 4 Bedrooms | 25 | 27 | +8.0% |
| 5+ Bedrooms | 15 | 20 | +33.3% |
Summary: The 07040 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes remained the same, 3 bedroom homes increased by 29.2%, 4 bedroom homes increased by 8%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 10 | 9 | -10.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 07040, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in 07040 in October 2024, down by 10.0% month-over-month. Of the 9 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market for 07040, NJ
We’re sorry, we don't have information for this market at the moment
