$4,738 Closing Credit*
$399,000
2 Beds
•2 Full Baths
Listing Office: WEICHERT REALTORS - HOME CITY
Is 08031, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, 08031 has remained a Seller's Market.
Key Takeaway
08031 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 08031, NJ
How much do homes in 08031, NJ cost?
Median Sold Price
$300,000
$218/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$25,000(+9.1%)
Key Takeaway
Homes in 08031 have sold for 9.1% more than they did a year ago.
Summary: The median home sold price in 08031 was $300,000 in November 2024, up 9.1% from last year, and the median price per square foot was $218.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $222K | $225K | +1.4% |
| 3 Bedrooms | $271K | $300K | +10.7% |
| 4 Bedrooms | $290.9K | $342.5K | +17.7% |
| 5+ Bedrooms | $365K | - | N/A |
Summary: 08031 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 1.4%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 17.7%, and 5+ bedroom homes did not change.
Housing Supply in 08031, NJ
How many homes are available in 08031, NJ?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 33 | 33 | 0.0% |
Summary: The 08031 real estate market had 33 homes for sale in November 2024, the same as October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 5 | +25.0% |
| 3 Bedrooms | 21 | 19 | -9.5% |
| 4 Bedrooms | 8 | 9 | +12.5% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 08031 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes decreased by 9.5%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 8 | 12 | +50.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 08031, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in 08031 in November 2024, up by 50.0% month-over-month. Of the 12 sold homes, 17% were sold under asking, 17% were sold at asking, and 67% were sold over asking.
Days on Market for 08031, NJ
How long does it take to sell a home in 08031, NJ?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 12 Days | 12 Days | +5.6% |
Summary: Homes in 08031 had an average of 12 days on market in Nov 2024, up by 5.6% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 08031 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 12 homes were sold in 08031; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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