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 21 Days Ago

Newest Listings in 08618, NJ

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