$10,000 Closing Credit*
$1,295,000
5 Beds
•3 Full Baths, 1 Partial
Elisabeth A Kerr, Listing Office: Corcoran Sawyer Smith
Is 08551, 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, 08551 has remained a Seller's Market.
Key Takeaway
08551 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 08551, NJ
How much do homes in 08551, NJ cost?
Median Sold Price
$825,000
$276/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$160,000(+24.1%)
Key Takeaway
Homes in 08551 have sold for 24.1% more than they did a year ago.
Summary: The median home sold price in 08551 was $825,000 in November 2024, up 24.1% from last year, and the median price per square foot was $276.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $1.9M | N/A |
| 2 Bedrooms | $360K | $572.5K | +59.0% |
| 3 Bedrooms | $410K | $635K | +54.9% |
| 4 Bedrooms | $762.5K | $835K | +9.5% |
| 5+ Bedrooms | $753K | $960K | +27.5% |
Summary: 08551 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 59%, 3 bedroom homes increased by 54.9%, 4 bedroom homes increased by 9.5%, and 5+ bedroom homes increased by 27.5%.
Housing Supply in 08551, NJ
How many homes are available in 08551, NJ?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 38 | 36 | -5.3% |
Summary: The 08551 real estate market had 36 homes for sale in November 2024, a 5.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 2 | 0 | -100.0% |
| 3 Bedrooms | 8 | 11 | +37.5% |
| 4 Bedrooms | 21 | 19 | -9.5% |
| 5+ Bedrooms | 6 | 5 | -16.7% |
Summary: The 08551 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 100%, 3 bedroom homes increased by 37.5%, 4 bedroom homes decreased by 9.5%, and 5+ bedroom homes decreased by 16.7%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 6 | 9 | +50.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 08551, you could pay more than the asking price. 44.4% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in 08551 in November 2024, up by 50.0% month-over-month. Of the 9 sold homes, 22% were sold under asking, 33% were sold at asking, and 44% were sold over asking.
Days on Market for 08551, NJ
How long does it take to sell a home in 08551, NJ?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 15 Days | 62 Days | +313.3% |
Summary: Homes in 08551 had an average of 62 days on market in Nov 2024, up by 313.3% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 08551 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 9 homes were sold in 08551; 11% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
