Is 07416, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 07416 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 07416 has remained a Seller's Market.

Key Takeaway

07416 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 07416, NJ

How much do homes in 07416, NJ cost?

Median Sold Price

$350,000

$237/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$72,611(+26.2%)

Key Takeaway

Homes in 07416 have sold for 26.2% more than they did a year ago.

Summary: The median home sold price in 07416 was $350,000 in October 2024, up 26.2% from last year, and the median price per square foot was $237.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $239K$300K
+25.5%
3 $275K$330K
+20.0%
4 $400K$417.5K
+4.4%
5+ $535K$472.5K
-11.7%

Summary: 07416 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 25.5%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 4.4%, and 5+ bedroom homes decreased by 11.7%.

Median Sold Price Compared To Nearby Zip Codes

07416
+26.2%
07419
+9.8%
07439
+5.6%
07460
+2.8%
07848
-4.5%

Housing Supply in 07416, NJ

How many homes are available in 07416, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
2223+4.5%

Summary: The 07416 real estate market had 23 homes for sale in October 2024, a 4.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 11
0.0%
3 1414
0.0%
4 56
+20.0%
5+ 11
0.0%

Summary: The 07416 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 remained the same, 4 bedroom homes increased by 20%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
550.0%

Asking Price vs. Sold Price

1 Home Was 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 07416, you could pay more than the asking price. 60% of homes here sold above asking price last month.

Summary: A total of 5 homes were sold or pending in 07416 in October 2024, the same as the previous month. Of the 5 sold homes, 20% were sold under asking, 20% were sold at asking, and 60% were sold over asking.

Days on Market for 07416, 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 07416, NJ

Nearby Markets to 07416, NJ