Is 07050, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 07050 is a buyer's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 07050 was a Seller's Market.

Key Takeaway

07050 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 07050, NJ

How much do homes in 07050, NJ cost?

Median Sold Price

$453,400

$283/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$91,874(+25.4%)

Key Takeaway

Homes in 07050 have sold for 25.4% more than they did a year ago.

Summary: The median home sold price in 07050 was $453,400 in October 2024, up 25.4% from last year, and the median price per square foot was $283.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$231K
N/A
2 $275K$305K
+10.9%
3 $325K$422.5K
+30.0%
4 $470K$467.5K
-0.5%
5+ $540K$566.5K
+4.9%

Summary: 07050 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10.9%, 3 bedroom homes increased by 30%, 4 bedroom homes decreased by 0.5%, and 5+ bedroom homes increased by 4.9%.

Median Sold Price Compared To Nearby Zip Codes

07050
+25.4%
07017
+15.6%
07079
+4.4%
07052
+2.0%
07018
+1.5%

Housing Supply in 07050, NJ

How many homes are available in 07050, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
78102+30.8%

Summary: The 07050 real estate market had 102 homes for sale in October 2024, a 30.8% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 810
+25.0%
3 2226
+18.2%
4 1119
+72.7%
5+ 3646
+27.8%

Summary: The 07050 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 25%, 3 bedroom homes increased by 18.2%, 4 bedroom homes increased by 72.7%, and 5+ bedroom homes increased by 27.8%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
76-14.3%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 07050, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 6 homes were sold or pending in 07050 in October 2024, down by 14.3% month-over-month. Of the 6 sold homes, 33% were sold under asking, 17% were sold at asking, and 50% were sold over asking.

Days on Market for 07050, NJ

How long does it take to sell a home in 07050, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
109 Days70 Days-35.8%

Summary: Homes in 07050 had an average of 70 days on market in Oct 2024, down by 35.8% compared to last year.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in 07050 has remained consistent over time.

Summary: During October 2024, 6 homes were sold in 07050; 0% of homes were sold within 30 days, 17% 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 23 Days Ago

Newest Listings in 07050, NJ

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