Is 08518, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08518 is a 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

# BEDSOct 2023Oct 2024CHANGE
1 $111K$132K
+18.9%
2 $129K$241K
+86.8%
3 $272.5K$290K
+6.4%
4 $318K$437K
+37.4%
5+ $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%.

Median Sold Price Compared To Nearby Zip Codes

08554
+20.0%
08518
+16.4%
19007
+10.0%
19067
+6.4%

Housing Supply in 08518, NJ

How many homes are available in 08518, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3330-9.1%

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

# BEDSSep 2024Oct 2024CHANGE
1 53
-40.0%
2 98
-11.1%
3 1012
+20.0%
4 86
-25.0%
5+ 11
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 2024Oct 2024CHANGE
68+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

Asking vs Sold - buyer

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 2023Oct 2024CHANGE
15 Days12 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

Breakdown of Home Sale Times

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.

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 08518, NJ

Nearby Markets to 08518, NJ