Is 08205, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08205 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 08205 has remained a Seller's Market.

Key Takeaway

08205 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 08205, NJ

How much do homes in 08205, NJ cost?

Median Sold Price

$276,000

$194/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$96,100(+53.4%)

Key Takeaway

Homes in 08205 have sold for 53.4% more than they did a year ago.

Summary: The median home sold price in 08205 was $276,000 in October 2024, up 53.4% from last year, and the median price per square foot was $194.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $135K$174K
+28.9%
2 $165K$211K
+27.9%
3 $310K$351.5K
+13.4%
4 $400K$450K
+12.5%
5+ $356K$485K
+36.2%

Summary: 08205 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 28.9%, 2 bedroom homes increased by 27.9%, 3 bedroom homes increased by 13.4%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 36.2%.

Median Sold Price Compared To Nearby Zip Codes

08205
+53.4%
08201
+31.9%
08203
+31.5%

Housing Supply in 08205, NJ

How many homes are available in 08205, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
146161+10.3%

Summary: The 08205 real estate market had 161 homes for sale in October 2024, a 10.3% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 1214
+16.7%
2 5164
+25.5%
3 4142
+2.4%
4 2925
-13.8%
5+ 1316
+23.1%

Summary: The 08205 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 16.7%, 2 bedroom homes increased by 25.5%, 3 bedroom homes increased by 2.4%, 4 bedroom homes decreased by 13.8%, and 5+ bedroom homes increased by 23.1%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3242+31.3%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08205, you may be able to get a good deal. 43.3% of homes here sold below asking price last month.

Summary: A total of 42 homes were sold or pending in 08205 in October 2024, up by 31.3% month-over-month. Of the 30 sold homes, 43% were sold under asking, 30% were sold at asking, and 27% were sold over asking.

Days on Market for 08205, NJ

How long does it take to sell a home in 08205, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
20 Days22 Days+7.3%

Summary: Homes in 08205 had an average of 22 days on market in Oct 2024, up by 7.3% compared to last year.

Breakdown of Home Sale Times

31 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08205 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 42 homes were sold in 08205; 74% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 2% 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 08205, NJ

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