Is 08203, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08203 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 08203 has remained a Seller's Market.

Key Takeaway

08203 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 08203, NJ

How much do homes in 08203, NJ cost?

Median Sold Price

$595,000

$430/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$142,500(+31.5%)

Key Takeaway

Homes in 08203 have sold for 31.5% more than they did a year ago.

Summary: The median home sold price in 08203 was $595,000 in October 2024, up 31.5% from last year, and the median price per square foot was $430.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $237K$303.2K
+28.0%
2 $455K$499.9K
+9.9%
3 $576.2K$677.5K
+17.6%
4 $769K$830K
+7.9%
5+ $1.1M$1.4M
+23.8%

Summary: 08203 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 28%, 2 bedroom homes increased by 9.9%, 3 bedroom homes increased by 17.6%, 4 bedroom homes increased by 7.9%, and 5+ bedroom homes increased by 23.8%.

Median Sold Price Compared To Nearby Zip Codes

08205
+53.4%
08203
+31.5%
08401
+12.8%

Housing Supply in 08203, NJ

How many homes are available in 08203, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
138134-2.9%

Summary: The 08203 real estate market had 134 homes for sale in October 2024, a 2.9% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 2220
-9.1%
2 4036
-10.0%
3 3437
+8.8%
4 1011
+10.0%
5+ 3230
-6.3%

Summary: The 08203 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 9.1%, 2 bedroom homes decreased by 10%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 10%, and 5+ bedroom homes decreased by 6.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2826-7.1%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08203, you may be able to get a good deal. 76.2% of homes here sold below asking price last month.

Summary: A total of 26 homes were sold or pending in 08203 in October 2024, down by 7.1% month-over-month. Of the 21 sold homes, 76% were sold under asking, 19% were sold at asking, and 5% were sold over asking.

Days on Market for 08203, NJ

How long does it take to sell a home in 08203, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
34 Days50 Days+45.6%

Summary: Homes in 08203 had an average of 50 days on market in Oct 2024, up by 45.6% compared to last year.

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08203 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 26 homes were sold in 08203; 46% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 15% 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 4 Days Ago

Newest Listings in 08203, NJ

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