Is 08514, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08514 is a buyer's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 08514 was a Seller's Market.

Key Takeaway

08514 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 08514, NJ

How much do homes in 08514, NJ cost?

Median Sold Price

$722,500

$280/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$160,000(+28.4%)

Key Takeaway

Homes in 08514 have sold for 28.4% more than they did a year ago.

Summary: The median home sold price in 08514 was $722,500 in October 2024, up 28.4% from last year, and the median price per square foot was $280.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $62.5K$65K
+4.0%
2 $337.5K$450K
+33.3%
3 $440K$515K
+17.0%
4 $810.5K$802K
-1.0%
5+ $850K$1.1M
+38.2%

Summary: 08514 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 17%, 4 bedroom homes decreased by 1%, and 5+ bedroom homes increased by 38.2%.

Median Sold Price Compared To Nearby Zip Codes

08514
+28.4%
08501
+24.7%
08533
+22.5%
08510
+9.1%
08527
+3.8%

Housing Supply in 08514, NJ

How many homes are available in 08514, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
2317-26.1%

Summary: The 08514 real estate market had 17 homes for sale in October 2024, a 26.1% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 22
0.0%
2 10
-100.0%
3 64
-33.3%
4 117
-36.4%
5+ 34
+33.3%

Summary: The 08514 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 decreased by 100%, 3 bedroom homes decreased by 33.3%, 4 bedroom homes decreased by 36.4%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
71-85.7%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08514, expect to pay close to the asking price. 100% of homes here sold near the asking price last month.

Summary: A total of 1 homes were sold or pending in 08514 in October 2024, down by 85.7% month-over-month. Of the 1 sold homes, 0% were sold under asking, 100% were sold at asking, and 0% were sold over asking.

Days on Market for 08514, NJ

How long does it take to sell a home in 08514, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
11 Days11 Days-6.4%

Summary: Homes in 08514 had an average of 11 days on market in Oct 2024, down by 6.4% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08514 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 1 homes were sold in 08514; 100% of homes were sold within 30 days, 0% 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 13 Days Ago

Newest Listings in 08514, NJ

Nearby Markets to 08514, NJ