Is 07062, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 07062 is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 07062 was a Seller's Market.

Key Takeaway

07062 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in 07062, NJ

How much do homes in 07062, NJ cost?

Median Sold Price

$450,000

$255/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$45,000(+11.1%)

Key Takeaway

Homes in 07062 have sold for 11.1% more than they did a year ago.

Summary: The median home sold price in 07062 was $450,000 in October 2024, up 11.1% from last year, and the median price per square foot was $255.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $136K$150K
+10.3%
2 $357.5K$355K
-0.7%
3 $405K$440K
+8.6%
4 $445K$485K
+9.0%
5+ $440K$600K
+36.4%

Summary: 07062 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.3%, 2 bedroom homes decreased by 0.7%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 9%, and 5+ bedroom homes increased by 36.4%.

Median Sold Price Compared To Nearby Zip Codes

07069
+21.1%
07060
+14.7%
07023
+11.2%
07062
+11.1%
07076
+8.2%

Housing Supply in 07062, NJ

How many homes are available in 07062, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
4748+2.1%

Summary: The 07062 real estate market had 48 homes for sale in October 2024, a 2.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 55
0.0%
3 1517
+13.3%
4 1717
0.0%
5+ 109
-10.0%

Summary: The 07062 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 remained the same, 3 bedroom homes increased by 13.3%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 10%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
97-22.2%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 07062, you could pay more than the asking price. 85.7% of homes here sold above asking price last month.

Summary: A total of 7 homes were sold or pending in 07062 in October 2024, down by 22.2% month-over-month. Of the 7 sold homes, 14% were sold under asking, 0% were sold at asking, and 86% were sold over asking.

Days on Market for 07062, 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 07062, NJ

Nearby Markets to 07062, NJ