$4,334 Closing Credit*
$365,000
950 SqFt
1 Bed
•1 Full Bath
Listing Office: COLDWELL BANKER REALTY
Is 07087, 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, 07087 has remained a Seller's Market.
Key Takeaway
07087 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 07087, NJ
How much do homes in 07087, NJ cost?
Median Sold Price
$470,000
$444/sqft
Based on all homes sold in the last 12 months.
Difference Since December 2023
+$30,000(+6.8%)
Key Takeaway
Homes in 07087 have sold for 6.8% more than they did a year ago.
Summary: The median home sold price in 07087 was $470,000 in December 2024, up 6.8% from last year, and the median price per square foot was $444.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Dec 2023 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $308.7K | $310K | 0.4% |
| 2 Bedrooms | $432.5K | $470K | +8.7% |
| 3 Bedrooms | $667.5K | $700K | +4.9% |
| 4 Bedrooms | $589.5K | $657K | +11.5% |
| 5+ Bedrooms | $762K | $763.5K | 0.2% |
Summary: 07087 housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.4%, 2 bedroom homes increased by 8.7%, 3 bedroom homes increased by 4.9%, 4 bedroom homes increased by 11.5%, and 5+ bedroom homes increased by 0.2%.
Housing Supply in 07087, NJ
How many homes are available in 07087, NJ?
Number of Homes For Sale
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 122 | 110 | -9.8% |
Summary: The 07087 real estate market had 110 homes for sale in December 2024, a 9.8% decrease compared to November 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 22 | 19 | -13.6% |
| 2 Bedrooms | 32 | 27 | -15.6% |
| 3 Bedrooms | 15 | 13 | -13.3% |
| 4 Bedrooms | 8 | 11 | +37.5% |
| 5+ Bedrooms | 45 | 40 | -11.1% |
Summary: The 07087 housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 13.6%, 2 bedroom homes decreased by 15.6%, 3 bedroom homes decreased by 13.3%, 4 bedroom homes increased by 37.5%, and 5+ bedroom homes decreased by 11.1%.
Number of Homes Sold
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 14 | 21 | +50.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 07087, you may be able to get a good deal. 38.5% of homes here sold below asking price last month.
Summary: A total of 21 homes were sold or pending in 07087 in December 2024, up by 50.0% month-over-month. Of the 13 sold homes, 38% were sold under asking, 31% were sold at asking, and 31% were sold over asking.
Days on Market for 07087, NJ
How long does it take to sell a home in 07087, NJ?
Average Sale Time
| Dec 2023 | Dec 2024 | CHANGE |
|---|---|---|
| 34 Days | 48 Days | +38.0% |
Summary: Homes in 07087 had an average of 48 days on market in Dec 2024, up by 38% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 07087 are selling fast, if you're buying plan to act quickly.
Summary: During December 2024, 21 homes were sold in 07087; 48% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
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