Is 07054, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 07054 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 07054 has remained a Seller's Market.

Key Takeaway

07054 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 07054, NJ

How much do homes in 07054, NJ cost?

Median Sold Price

$701,500

$371/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$101,500(+16.9%)

Key Takeaway

Homes in 07054 have sold for 16.9% more than they did a year ago.

Summary: The median home sold price in 07054 was $701,500 in October 2024, up 16.9% from last year, and the median price per square foot was $371.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $210K$222.5K
+6.0%
2 $475K$502.5K
+5.8%
3 $540K$585.5K
+8.4%
4 $685K$726K
+6.0%
5+ $731K$847.5K
+15.9%

Summary: 07054 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6%, 2 bedroom homes increased by 5.8%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 6%, and 5+ bedroom homes increased by 15.9%.

Median Sold Price Compared To Nearby Zip Codes

07034
+25.5%
07054
+16.9%
07046
+15.4%
07981
+9.4%

Housing Supply in 07054, NJ

How many homes are available in 07054, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
6564-1.5%

Summary: The 07054 real estate market had 64 homes for sale in October 2024, a 1.5% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 33
0.0%
2 96
-33.3%
3 1114
+27.3%
4 3031
+3.3%
5+ 1210
-16.7%

Summary: The 07054 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 decreased by 33.3%, 3 bedroom homes increased by 27.3%, 4 bedroom homes increased by 3.3%, and 5+ bedroom homes decreased by 16.7%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2215-31.8%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

12 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 07054, you could pay more than the asking price. 80% of homes here sold above asking price last month.

Summary: A total of 15 homes were sold or pending in 07054 in October 2024, down by 31.8% month-over-month. Of the 15 sold homes, 20% were sold under asking, 0% were sold at asking, and 80% were sold over asking.

Days on Market for 07054, 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 4 Days Ago

Newest Listings in 07054, NJ

Nearby Markets to 07054, NJ