Is 08083, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08083 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 08083 has remained a Seller's Market.

Key Takeaway

08083 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 08083, NJ

How much do homes in 08083, NJ cost?

Median Sold Price

$320,500

$207/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$50,500(+18.7%)

Key Takeaway

Homes in 08083 have sold for 18.7% more than they did a year ago.

Summary: The median home sold price in 08083 was $320,500 in October 2024, up 18.7% from last year, and the median price per square foot was $207.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $90K$127K
+41.1%
2 $192.5K$280K
+45.5%
3 $257.5K$312.5K
+21.3%
4 $352.5K$365K
+3.5%
5+ $551K$392.5K
-28.8%

Summary: 08083 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 41.1%, 2 bedroom homes increased by 45.5%, 3 bedroom homes increased by 21.3%, 4 bedroom homes increased by 3.5%, and 5+ bedroom homes decreased by 28.8%.

Median Sold Price Compared To Nearby Zip Codes

08083
+18.7%
08045
+18.1%
08049
+16.7%
08084
+15.1%
08021
+11.0%

Housing Supply in 08083, NJ

How many homes are available in 08083, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3224-25.0%

Summary: The 08083 real estate market had 24 homes for sale in October 2024, a 25.0% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 22
0.0%
2 24
+100.0%
3 1711
-35.3%
4 84
-50.0%
5+ 33
0.0%

Summary: The 08083 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 100%, 3 bedroom homes decreased by 35.3%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
139-30.8%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08083, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Summary: A total of 9 homes were sold or pending in 08083 in October 2024, down by 30.8% month-over-month. Of the 9 sold homes, 22% were sold under asking, 11% were sold at asking, and 67% were sold over asking.

Days on Market for 08083, NJ

How long does it take to sell a home in 08083, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
36 Days22 Days-37.6%

Summary: Homes in 08083 had an average of 22 days on market in Oct 2024, down by 37.6% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08083 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 9 homes were sold in 08083; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% 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 22 Days Ago

Newest Listings in 08083, NJ

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