$6,472 Closing Credit*
$545,000
4 Beds
•2 Full Baths
Listing Office: COLDWELL BANKER REALTY
Is 07508, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, 07508 has remained a Seller's Market.
Key Takeaway
07508 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 07508, NJ
How much do homes in 07508, NJ cost?
Median Sold Price
$582,500
$306/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$87,000(+17.6%)
Key Takeaway
Homes in 07508 have sold for 17.6% more than they did a year ago.
Summary: The median home sold price in 07508 was $582,500 in October 2024, up 17.6% from last year, and the median price per square foot was $306.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $372.5K | $405K | +8.7% |
| 3 Bedrooms | $485K | $579.9K | +19.6% |
| 4 Bedrooms | $535.4K | $685K | +27.9% |
| 5+ Bedrooms | $740K | $691.2K | -6.6% |
Summary: 07508 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 8.7%, 3 bedroom homes increased by 19.6%, 4 bedroom homes increased by 27.9%, and 5+ bedroom homes decreased by 6.6%.
Housing Supply in 07508, NJ
How many homes are available in 07508, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 57 | 60 | +5.3% |
Summary: The 07508 real estate market had 60 homes for sale in October 2024, a 5.3% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 3 | +200.0% |
| 2 Bedrooms | 5 | 4 | -20.0% |
| 3 Bedrooms | 23 | 19 | -17.4% |
| 4 Bedrooms | 13 | 18 | +38.5% |
| 5+ Bedrooms | 15 | 16 | +6.7% |
Summary: The 07508 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes decreased by 20%, 3 bedroom homes decreased by 17.4%, 4 bedroom homes increased by 38.5%, and 5+ bedroom homes increased by 6.7%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 11 | 11 | 0.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 07508, you could pay more than the asking price. 63.6% of homes here sold above asking price last month.
Summary: A total of 11 homes were sold or pending in 07508 in October 2024, the same as the previous month. Of the 11 sold homes, 27% were sold under asking, 9% were sold at asking, and 64% were sold over asking.
Days on Market for 07508, NJ
We’re sorry, we don't have information for this market at the moment
