Is 07871, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 07871 is a buyer's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 07871 was a Seller's Market.

Key Takeaway

07871 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 07871, NJ

How much do homes in 07871, NJ cost?

Median Sold Price

$550,000

$230/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$25,000(+4.8%)

Key Takeaway

Homes in 07871 have sold for 4.8% more than they did a year ago.

Summary: The median home sold price in 07871 was $550,000 in October 2024, up 4.8% from last year, and the median price per square foot was $230.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $250K$300K
+20.0%
2 $350K$361.5K
+3.3%
3 $447.4K$479K
+7.1%
4 $675K$666.7K
-1.2%
5+ $923.2K$935K
+1.3%

Summary: 07871 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20%, 2 bedroom homes increased by 3.3%, 3 bedroom homes increased by 7.1%, 4 bedroom homes decreased by 1.2%, and 5+ bedroom homes increased by 1.3%.

Median Sold Price Compared To Nearby Zip Codes

07416
+26.2%
07439
+5.6%
07871
+4.8%
07849
+4.8%
07848
-4.5%

Housing Supply in 07871, NJ

How many homes are available in 07871, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
107106-0.9%

Summary: The 07871 real estate market had 106 homes for sale in October 2024, a 0.9% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 21
-50.0%
2 810
+25.0%
3 3641
+13.9%
4 4442
-4.5%
5+ 1712
-29.4%

Summary: The 07871 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 13.9%, 4 bedroom homes decreased by 4.5%, and 5+ bedroom homes decreased by 29.4%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3014-53.3%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 07871, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 14 homes were sold or pending in 07871 in October 2024, down by 53.3% month-over-month. Of the 14 sold homes, 50% were sold under asking, 14% were sold at asking, and 36% were sold over asking.

Days on Market for 07871, NJ

How long does it take to sell a home in 07871, NJ?

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in 07871 are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During October 2024, 14 homes were sold in 07871; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 7% 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 21 Days Ago

Newest Listings in 07871, NJ

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