Is 08618, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08618 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 08618 has remained a Seller's Market.

Key Takeaway

08618 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 08618, NJ

How much do homes in 08618, NJ cost?

Median Sold Price

$280,000

$175/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$35,250(+14.4%)

Key Takeaway

Homes in 08618 have sold for 14.4% more than they did a year ago.

Summary: The median home sold price in 08618 was $280,000 in October 2024, up 14.4% from last year, and the median price per square foot was $175.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $225K$310K
+37.8%
3 $223K$238.5K
+7.0%
4 $250K$315K
+26.0%
5+ $285K$285K
0.0%

Summary: 08618 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 37.8%, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 26%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Zip Codes

08638
+16.7%
08618
+14.4%
08628
+11.2%

Housing Supply in 08618, NJ

How many homes are available in 08618, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
108104-3.7%

Summary: The 08618 real estate market had 104 homes for sale in October 2024, a 3.7% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 02
+100.0%
2 1411
-21.4%
3 3936
-7.7%
4 3532
-8.6%
5+ 2023
+15.0%

Summary: The 08618 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 21.4%, 3 bedroom homes decreased by 7.7%, 4 bedroom homes decreased by 8.6%, and 5+ bedroom homes increased by 15%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2319-17.4%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08618, you could pay more than the asking price. 52.6% of homes here sold above asking price last month.

Summary: A total of 19 homes were sold or pending in 08618 in October 2024, down by 17.4% month-over-month. Of the 19 sold homes, 37% were sold under asking, 11% were sold at asking, and 53% were sold over asking.

Days on Market for 08618, NJ

How long does it take to sell a home in 08618, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
30 Days24 Days-20.3%

Summary: Homes in 08618 had an average of 24 days on market in Oct 2024, down by 20.3% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08618 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 19 homes were sold in 08618; 84% of homes were sold within 30 days, 16% 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 4 Days Ago

Newest Listings in 08618, NJ

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