Is 08401, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08401 is a buyer's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 08401 was a Seller's Market.

Key Takeaway

08401 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 08401, NJ

How much do homes in 08401, NJ cost?

Median Sold Price

$239,000

$194/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$27,150(+12.8%)

Key Takeaway

Homes in 08401 have sold for 12.8% more than they did a year ago.

Summary: The median home sold price in 08401 was $239,000 in October 2024, up 12.8% from last year, and the median price per square foot was $194.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $170K$180K
+5.9%
2 $247.5K$274K
+10.7%
3 $210.8K$235.4K
+11.6%
4 $272.2K$279K
+2.5%
5+ $355K$585K
+64.8%

Summary: 08401 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.9%, 2 bedroom homes increased by 10.7%, 3 bedroom homes increased by 11.6%, 4 bedroom homes increased by 2.5%, and 5+ bedroom homes increased by 64.8%.

Median Sold Price Compared To Nearby Zip Codes

08201
+31.9%
08203
+31.5%
08232
+27.8%
08406
+16.9%
08401
+12.8%

Housing Supply in 08401, NJ

How many homes are available in 08401, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
272271-0.4%

Summary: The 08401 real estate market had 271 homes for sale in October 2024, a 0.4% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 5251
-1.9%
2 6369
+9.5%
3 117109
-6.8%
4 2223
+4.5%
5+ 1819
+5.6%

Summary: The 08401 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 1.9%, 2 bedroom homes increased by 9.5%, 3 bedroom homes decreased by 6.8%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 5.6%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2536+44.0%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08401, you may be able to get a good deal. 57.9% of homes here sold below asking price last month.

Summary: A total of 36 homes were sold or pending in 08401 in October 2024, up by 44.0% month-over-month. Of the 19 sold homes, 58% were sold under asking, 26% were sold at asking, and 16% were sold over asking.

Days on Market for 08401, NJ

How long does it take to sell a home in 08401, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
64 Days54 Days-15.8%

Summary: Homes in 08401 had an average of 54 days on market in Oct 2024, down by 15.8% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

14 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08401 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 36 homes were sold in 08401; 44% of homes were sold within 30 days, 39% of homes were sold within 30 to 90 days, and 17% 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 08401, NJ

Nearby Markets to 08401, NJ