Is 07081, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 07081 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 07081 has remained a Seller's Market.

Key Takeaway

07081 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 07081, NJ

How much do homes in 07081, NJ cost?

Median Sold Price

$660,000

$360/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$110,000(+20.0%)

Key Takeaway

Homes in 07081 have sold for 20% more than they did a year ago.

Summary: The median home sold price in 07081 was $660,000 in October 2024, up 20% from last year, and the median price per square foot was $360.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $255K$280K
+9.8%
2 $435K$408K
-6.2%
3 $525K$640K
+21.9%
4 $677K$770K
+13.7%
5+ $885K$972K
+9.8%

Summary: 07081 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.8%, 2 bedroom homes decreased by 6.2%, 3 bedroom homes increased by 21.9%, 4 bedroom homes increased by 13.7%, and 5+ bedroom homes increased by 9.8%.

Median Sold Price Compared To Nearby Zip Codes

07081
+20.0%
07041
+15.3%
07033
+6.0%
07092
+5.2%

Housing Supply in 07081, NJ

How many homes are available in 07081, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
4245+7.1%

Summary: The 07081 real estate market had 45 homes for sale in October 2024, a 7.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 10
-100.0%
2 56
+20.0%
3 1316
+23.1%
4 1819
+5.6%
5+ 54
-20.0%

Summary: The 07081 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 23.1%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes decreased by 20%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
178-52.9%

Asking Price vs. Sold Price

2 Homes Were 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 07081, you could pay more than the asking price. 75% of homes here sold above asking price last month.

Summary: A total of 8 homes were sold or pending in 07081 in October 2024, down by 52.9% month-over-month. Of the 8 sold homes, 25% were sold under asking, 0% were sold at asking, and 75% were sold over asking.

Days on Market for 07081, 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 07081, NJ

Nearby Markets to 07081, NJ