Is 07462, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 07462 is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 07462 was a Seller's Market.

Key Takeaway

07462 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 07462, NJ

How much do homes in 07462, NJ cost?

Median Sold Price

$260,000

$225/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$31,000(+13.5%)

Key Takeaway

Homes in 07462 have sold for 13.5% more than they did a year ago.

Summary: The median home sold price in 07462 was $260,000 in October 2024, up 13.5% from last year, and the median price per square foot was $225.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $160K$159K
-0.6%
2 $222K$240K
+8.1%
3 $283K$330K
+16.6%
4 $375K$450K
+20.0%
5+ $650K$425K
-34.6%

Summary: 07462 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.6%, 2 bedroom homes increased by 8.1%, 3 bedroom homes increased by 16.6%, 4 bedroom homes increased by 20%, and 5+ bedroom homes decreased by 34.6%.

Median Sold Price Compared To Nearby Zip Codes

07462
+13.5%
07461
+12.8%
07422
+10.8%
07419
+9.8%

Housing Supply in 07462, NJ

How many homes are available in 07462, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
9198+7.7%

Summary: The 07462 real estate market had 98 homes for sale in October 2024, a 7.7% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 2322
-4.3%
2 4041
+2.5%
3 2226
+18.2%
4 58
+60.0%
5+ 11
0.0%

Summary: The 07462 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 4.3%, 2 bedroom homes increased by 2.5%, 3 bedroom homes increased by 18.2%, 4 bedroom homes increased by 60%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2014-30.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 07462, you could pay more than the asking price. 64.3% of homes here sold above asking price last month.

Summary: A total of 14 homes were sold or pending in 07462 in October 2024, down by 30.0% month-over-month. Of the 14 sold homes, 36% were sold under asking, 0% were sold at asking, and 64% were sold over asking.

Days on Market for 07462, 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 23 Days Ago

Newest Listings in 07462, NJ

Nearby Markets to 07462, NJ