$5,818 Closing Credit*
$489,900
3 Beds
•2 Full Baths
Listing Office: REAL
Is 08551, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, 08551 was a Seller's Market.
Key Takeaway
08551 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 08551, NJ
How much do homes in 08551, NJ cost?
Median Sold Price
$825,000
$272/sqft
Based on all homes sold in the last 12 months.
Difference Since October 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 October 2024, up 24.1% from last year, and the median price per square foot was $272.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $360K | $572.5K | +59.0% |
| 3 Bedrooms | $410K | $680K | +65.9% |
| 4 Bedrooms | $745K | $835K | +12.1% |
| 5+ Bedrooms | $753K | $905K | +20.2% |
Summary: 08551 housing prices by bedroom type for October 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 65.9%, 4 bedroom homes increased by 12.1%, and 5+ bedroom homes increased by 20.2%.
Housing Supply in 08551, NJ
How many homes are available in 08551, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 32 | 36 | +12.5% |
Summary: The 08551 real estate market had 36 homes for sale in October 2024, a 12.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 1 | 2 | +100.0% |
| 3 Bedrooms | 9 | 8 | -11.1% |
| 4 Bedrooms | 17 | 19 | +11.8% |
| 5+ Bedrooms | 4 | 6 | +50.0% |
Summary: The 08551 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 increased by 100%, 3 bedroom homes decreased by 11.1%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 9 | 6 | -33.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was 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. 66.7% of homes here sold above asking price last month.
Summary: A total of 6 homes were sold or pending in 08551 in October 2024, down by 33.3% month-over-month. Of the 6 sold homes, 17% were sold under asking, 17% were sold at asking, and 67% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 72 Days | 8 Days | -88.2% |
Summary: Homes in 08551 had an average of 8 days on market in Oct 2024, down by 88.2% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 08551 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 6 homes were sold in 08551; 33% 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.
