Is 07885, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 07885 is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 07885 was a Seller's Market.

Key Takeaway

07885 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 07885, NJ

How much do homes in 07885, NJ cost?

Median Sold Price

$470,000

$287/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$62,500(+15.3%)

Key Takeaway

Homes in 07885 have sold for 15.3% more than they did a year ago.

Summary: The median home sold price in 07885 was $470,000 in October 2024, up 15.3% from last year, and the median price per square foot was $287.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $277.5K$290K
+4.5%
2 $375K$434.9K
+16.0%
3 $415K$470K
+13.3%
4 $445.5K$530K
+19.0%
5+ $770.3K-
N/A

Summary: 07885 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.5%, 2 bedroom homes increased by 16%, 3 bedroom homes increased by 13.3%, 4 bedroom homes increased by 19%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Zip Codes

07885
+15.3%
07866
+14.0%
07801
+12.5%
07849
+4.8%

Housing Supply in 07885, NJ

How many homes are available in 07885, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3639+8.3%

Summary: The 07885 real estate market had 39 homes for sale in October 2024, a 8.3% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 21
-50.0%
2 1418
+28.6%
3 77
0.0%
4 109
-10.0%
5+ 34
+33.3%

Summary: The 07885 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 28.6%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 10%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
146-57.1%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 07885, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 6 homes were sold or pending in 07885 in October 2024, down by 57.1% month-over-month. Of the 6 sold homes, 33% were sold under asking, 17% were sold at asking, and 50% were sold over asking.

Days on Market for 07885, 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 21 Days Ago

Newest Listings in 07885, NJ

Nearby Markets to 07885, NJ