$9,441 Closing Credit*
$795,000
3,216 SqFt
3 Beds
•3 Full Baths
Listing Office: BORAIE REALTY, LLC
Is 08502, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, 08502 has remained a Seller's Market.
Key Takeaway
08502 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 08502, NJ
How much do homes in 08502, NJ cost?
Median Sold Price
$928,000
$310/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$46,000(+5.2%)
Key Takeaway
Homes in 08502 have sold for 5.2% more than they did a year ago.
Summary: The median home sold price in 08502 was $928,000 in November 2024, up 5.2% from last year, and the median price per square foot was $310.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $292.2K | - | N/A |
| 2 Bedrooms | $442.5K | $512.5K | +15.8% |
| 3 Bedrooms | $610K | $630K | +3.3% |
| 4 Bedrooms | $925K | $925K | 0.0% |
| 5+ Bedrooms | $1.1M | $1.3M | +19.5% |
Summary: 08502 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 15.8%, 3 bedroom homes increased by 3.3%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 19.5%.
Housing Supply in 08502, NJ
How many homes are available in 08502, NJ?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 50 | 40 | -20.0% |
Summary: The 08502 real estate market had 40 homes for sale in November 2024, a 20.0% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 4 | -33.3% |
| 3 Bedrooms | 3 | 5 | +66.7% |
| 4 Bedrooms | 29 | 24 | -17.2% |
| 5+ Bedrooms | 12 | 7 | -41.7% |
Summary: The 08502 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 33.3%, 3 bedroom homes increased by 66.7%, 4 bedroom homes decreased by 17.2%, and 5+ bedroom homes decreased by 41.7%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 15 | 10 | -33.3% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 08502, you could pay more than the asking price. 90% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in 08502 in November 2024, down by 33.3% month-over-month. Of the 10 sold homes, 0% were sold under asking, 10% were sold at asking, and 90% were sold over asking.
Days on Market for 08502, NJ
How long does it take to sell a home in 08502, NJ?
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 08502 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 10 homes were sold in 08502; 10% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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