Is 07042, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 07042 is a buyer's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 07042 was a Neutral Market.

Key Takeaway

07042 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 07042, NJ

How much do homes in 07042, NJ cost?

Median Sold Price

$1,054,000

$348/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$99,000(+10.4%)

Key Takeaway

Homes in 07042 have sold for 10.4% more than they did a year ago.

Summary: The median home sold price in 07042 was $1,054,000 in October 2024, up 10.4% from last year, and the median price per square foot was $348.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $275K$315K
+14.5%
2 $442K$489.7K
+10.8%
3 $596.9K$650K
+8.9%
4 $960K$1.0M
+6.6%
5+ $1.5M$1.5M
-3.4%

Summary: 07042 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.5%, 2 bedroom homes increased by 10.8%, 3 bedroom homes increased by 8.9%, 4 bedroom homes increased by 6.6%, and 5+ bedroom homes decreased by 3.4%.

Median Sold Price Compared To Nearby Zip Codes

07028
+28.8%
07044
+15.5%
07042
+10.4%
07009
+9.7%
07043
+6.1%

Housing Supply in 07042, NJ

How many homes are available in 07042, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
7188+23.9%

Summary: The 07042 real estate market had 88 homes for sale in October 2024, a 23.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 915
+66.7%
3 1111
0.0%
4 1216
+33.3%
5+ 3946
+17.9%

Summary: The 07042 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 66.7%, 3 bedroom homes remained the same, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 17.9%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1012+20.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 07042, you could pay more than the asking price. 75% of homes here sold above asking price last month.

Summary: A total of 12 homes were sold or pending in 07042 in October 2024, up by 20.0% month-over-month. Of the 12 sold homes, 17% were sold under asking, 8% were sold at asking, and 75% were sold over asking.

Days on Market for 07042, 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 21 Days Ago

Newest Listings in 07042, NJ

Nearby Markets to 07042, NJ