Is 07843, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 07843 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 07843 has remained a Seller's Market.

Key Takeaway

07843 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 07843, NJ

How much do homes in 07843, NJ cost?

Median Sold Price

$400,000

$269/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$32,350(+8.8%)

Key Takeaway

Homes in 07843 have sold for 8.8% more than they did a year ago.

Summary: The median home sold price in 07843 was $400,000 in October 2024, up 8.8% from last year, and the median price per square foot was $269.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $197.5K$200K
+1.3%
2 $275K$318.7K
+15.9%
3 $380K$408.7K
+7.6%
4 $430K$467K
+8.6%
5+ $605K$567K
-6.3%

Summary: 07843 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.3%, 2 bedroom homes increased by 15.9%, 3 bedroom homes increased by 7.6%, 4 bedroom homes increased by 8.6%, and 5+ bedroom homes decreased by 6.3%.

Median Sold Price Compared To Nearby Zip Codes

07850
+11.8%
07874
+10.9%
07843
+8.8%
07849
+4.8%

Housing Supply in 07843, NJ

How many homes are available in 07843, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
75750.0%

Summary: The 07843 real estate market had 75 homes for sale in October 2024, the same as September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 23
+50.0%
2 1820
+11.1%
3 3833
-13.2%
4 1314
+7.7%
5+ 45
+25.0%

Summary: The 07843 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 11.1%, 3 bedroom homes decreased by 13.2%, 4 bedroom homes increased by 7.7%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2021+5.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

14 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 07843, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Summary: A total of 21 homes were sold or pending in 07843 in October 2024, up by 5.0% month-over-month. Of the 21 sold homes, 14% were sold under asking, 19% were sold at asking, and 67% were sold over asking.

Days on Market for 07843, NJ

How long does it take to sell a home in 07843, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
16 Days51 Days+218.8%

Summary: Homes in 07843 had an average of 51 days on market in Oct 2024, up by 218.8% compared to last year.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in 07843 has remained consistent over time.

Summary: During October 2024, 21 homes were sold in 07843; 0% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

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 07843, NJ

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