Is 08022, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08022 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 08022 has remained a Seller's Market.

Key Takeaway

08022 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 08022, NJ

How much do homes in 08022, NJ cost?

Median Sold Price

$404,500

$229/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$8,250(-2.0%)

Key Takeaway

Homes in 08022 have sold for 2% less than they did a year ago.

Summary: The median home sold price in 08022 was $404,500 in October 2024, down 2% from last year, and the median price per square foot was $229.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $317.5K$346K
+9.0%
3 $420K$355K
-15.5%
4 $630.7K$680K
+7.8%
5+ $880K$995K
+13.1%

Summary: 08022 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 9%, 3 bedroom homes decreased by 15.5%, 4 bedroom homes increased by 7.8%, and 5+ bedroom homes increased by 13.1%.

Median Sold Price Compared To Nearby Zip Codes

08505
+9.1%
08022
-2.0%

Housing Supply in 08022, NJ

How many homes are available in 08022, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
43430.0%

Summary: The 08022 real estate market had 43 homes for sale in October 2024, the same as September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 1517
+13.3%
3 96
-33.3%
4 1517
+13.3%
5+ 43
-25.0%

Summary: The 08022 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 increased by 13.3%, 3 bedroom homes decreased by 33.3%, 4 bedroom homes increased by 13.3%, and 5+ bedroom homes decreased by 25%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1113+18.2%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08022, you could pay more than the asking price. 46.2% of homes here sold above asking price last month.

Summary: A total of 13 homes were sold or pending in 08022 in October 2024, up by 18.2% month-over-month. Of the 13 sold homes, 31% were sold under asking, 23% were sold at asking, and 46% were sold over asking.

Days on Market for 08022, NJ

How long does it take to sell a home in 08022, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
35 Days73 Days+107.7%

Summary: Homes in 08022 had an average of 73 days on market in Oct 2024, up by 107.7% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08022 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 13 homes were sold in 08022; 54% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 23% 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 12 Days Ago

Newest Listings in 08022, NJ

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