$10,000 Closing Credit*
$938,000
2 Beds
•2 Full Baths
Enriqueta C. Oakley, Listing Office: Howard Hanna Rand Realty
Is 07047, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since December 2023
Since last year, 07047 has remained a Seller's Market.
Key Takeaway
07047 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 07047, NJ
How much do homes in 07047, NJ cost?
Median Sold Price
$525,000
$400/sqft
Based on all homes sold in the last 12 months.
Difference Since December 2023
-$25,000(-4.5%)
Key Takeaway
Homes in 07047 have sold for 4.5% less than they did a year ago.
Summary: The median home sold price in 07047 was $525,000 in December 2024, down 4.5% from last year, and the median price per square foot was $400.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Dec 2023 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $240K | $275K | +14.6% |
| 2 Bedrooms | $470K | $412.5K | -12.2% |
| 3 Bedrooms | $557.5K | $537.5K | -3.6% |
| 4 Bedrooms | $585K | $700K | +19.7% |
| 5+ Bedrooms | $785K | $755K | -3.8% |
Summary: 07047 housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.6%, 2 bedroom homes decreased by 12.2%, 3 bedroom homes decreased by 3.6%, 4 bedroom homes increased by 19.7%, and 5+ bedroom homes decreased by 3.8%.
Housing Supply in 07047, NJ
How many homes are available in 07047, NJ?
Number of Homes For Sale
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 127 | 124 | -2.4% |
Summary: The 07047 real estate market had 124 homes for sale in December 2024, a 2.4% decrease compared to November 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 23 | 25 | +8.7% |
| 2 Bedrooms | 34 | 35 | +2.9% |
| 3 Bedrooms | 35 | 31 | -11.4% |
| 4 Bedrooms | 12 | 10 | -16.7% |
| 5+ Bedrooms | 23 | 23 | 0.0% |
Summary: The 07047 housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.7%, 2 bedroom homes increased by 2.9%, 3 bedroom homes decreased by 11.4%, 4 bedroom homes decreased by 16.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 19 | 24 | +26.3% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 07047, you could pay more than the asking price. 45% of homes here sold above asking price last month.
Summary: A total of 24 homes were sold or pending in 07047 in December 2024, up by 26.3% month-over-month. Of the 20 sold homes, 35% were sold under asking, 20% were sold at asking, and 45% were sold over asking.
Days on Market for 07047, NJ
How long does it take to sell a home in 07047, NJ?
Average Sale Time
| Dec 2023 | Dec 2024 | CHANGE |
|---|---|---|
| 37 Days | 38 Days | +5.1% |
Summary: Homes in 07047 had an average of 38 days on market in Dec 2024, up by 5.1% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 07047 are selling fast, if you're buying plan to act quickly.
Summary: During December 2024, 24 homes were sold in 07047; 50% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
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