$3,563 Closing Credit*
$300,000
1,512 SqFt
4 Beds
•2 Full Baths
Jennifer Jopko, Listing Office: RE/MAX Tri County
Is 08031, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$217/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$28,000(+10.3%)
Key Takeaway
Homes in 08031 have sold for 10.3% more than they did a year ago.
Summary: The median home sold price in 08031 was $300,000 in October 2024, up 10.3% from last year, and the median price per square foot was $217.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $222K | $225K | +1.4% |
| 3 Bedrooms | $270.5K | $300K | +10.9% |
| 4 Bedrooms | $289.9K | $340K | +17.3% |
| 5+ Bedrooms | $345K | $1.4M | +315.2% |
Summary: 08031 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 1.4%, 3 bedroom homes increased by 10.9%, 4 bedroom homes increased by 17.3%, and 5+ bedroom homes increased by 315.2%.
Housing Supply in 08031, NJ
How many homes are available in 08031, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 25 | 35 | +40.0% |
Summary: The 08031 real estate market had 35 homes for sale in October 2024, a 40.0% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 4 | 0.0% |
| 3 Bedrooms | 16 | 23 | +43.8% |
| 4 Bedrooms | 5 | 8 | +60.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 08031 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 remained the same, 3 bedroom homes increased by 43.8%, 4 bedroom homes increased by 60%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 6 | 8 | +33.3% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 08031, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 8 homes were sold or pending in 08031 in October 2024, up by 33.3% month-over-month. Of the 8 sold homes, 38% were sold under asking, 13% were sold at asking, and 50% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 21 Days | 21 Days | 0.1% |
Summary: Homes in 08031 had an average of 21 days on market in Oct 2024, up by 0.1% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
1 Home Was 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 October 2024, 8 homes were sold in 08031; 88% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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