$3,551 Closing Credit*
$299,000
1,152 SqFt
3 Beds
•1 Full Bath
Jasmin Elalfy, Listing Office: NJ Elite Group LLC
Is 08518, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, 08518 has remained a Seller's Market.
Key Takeaway
08518 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 08518, NJ
How much do homes in 08518, NJ cost?
Median Sold Price
$262,000
$205/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$37,000(+16.4%)
Key Takeaway
Homes in 08518 have sold for 16.4% more than they did a year ago.
Summary: The median home sold price in 08518 was $262,000 in October 2024, up 16.4% from last year, and the median price per square foot was $205.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $111K | $132K | +18.9% |
| 2 Bedrooms | $129K | $241K | +86.8% |
| 3 Bedrooms | $272.5K | $290K | +6.4% |
| 4 Bedrooms | $318K | $437K | +37.4% |
| 5+ Bedrooms | $215K | $400K | +86.0% |
Summary: 08518 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.9%, 2 bedroom homes increased by 86.8%, 3 bedroom homes increased by 6.4%, 4 bedroom homes increased by 37.4%, and 5+ bedroom homes increased by 86%.
Housing Supply in 08518, NJ
How many homes are available in 08518, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 33 | 30 | -9.1% |
Summary: The 08518 real estate market had 30 homes for sale in October 2024, a 9.1% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 3 | -40.0% |
| 2 Bedrooms | 9 | 8 | -11.1% |
| 3 Bedrooms | 10 | 12 | +20.0% |
| 4 Bedrooms | 8 | 6 | -25.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The 08518 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 40%, 2 bedroom homes decreased by 11.1%, 3 bedroom homes increased by 20%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 6 | 8 | +33.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 08518, you could pay more than the asking price. 62.5% of homes here sold above asking price last month.
Summary: A total of 8 homes were sold or pending in 08518 in October 2024, up by 33.3% month-over-month. Of the 8 sold homes, 25% were sold under asking, 13% were sold at asking, and 63% were sold over asking.
Days on Market for 08518, NJ
How long does it take to sell a home in 08518, NJ?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 15 Days | 12 Days | -17.2% |
Summary: Homes in 08518 had an average of 12 days on market in Oct 2024, down by 17.2% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 08518 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 8 homes were sold in 08518; 88% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
