Is 07501, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 07501 is a buyer's market

Buyer's
Market

Difference Since Last Month

Since last month, 07501 has remained a Buyer's Market.

Key Takeaway

07501 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 07501, NJ

How much do homes in 07501, NJ cost?

Median Sold Price

$263,000

-

Based on all homes sold in October 2024.

Difference Since Last Month

-$112,000(-29.9%)

Key Takeaway

Homes in 07501 have sold for 29.9% less than they did a month ago.

Median Sold Price By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 --
N/A
2 $375K$296.4K
-20.9%
3 -$250K
N/A
4 $373K-
N/A
5+ --
N/A

Summary: 07501 housing prices by bedroom type for October 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 20.9%, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Housing Supply in 07501, NJ

How many homes are available in 07501, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
6277+24.2%

Summary: The 07501 real estate market had 77 homes for sale in October 2024, a 24.2% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 1111
0.0%
3 610
+66.7%
4 1110
-9.1%
5+ 3345
+36.4%

Summary: The 07501 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 66.7%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes increased by 36.4%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
45+25.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 07501, you may be able to get a good deal. 40% of homes here sold below asking price last month.

Summary: A total of 5 homes were sold or pending in 07501 in October 2024, up by 25.0% month-over-month. Of the 5 sold homes, 40% were sold under asking, 20% were sold at asking, and 40% were sold over asking.

Days on Market for 07501, 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 13 Days Ago

Newest Listings in 07501, NJ

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