Is 08648, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08648 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 08648 has remained a Seller's Market.

Key Takeaway

08648 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 08648, NJ

How much do homes in 08648, NJ cost?

Median Sold Price

$470,000

$273/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$68,594(+17.1%)

Key Takeaway

Homes in 08648 have sold for 17.1% more than they did a year ago.

Summary: The median home sold price in 08648 was $470,000 in October 2024, up 17.1% from last year, and the median price per square foot was $273.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $164.5K$201.5K
+22.5%
2 $310K$340K
+9.7%
3 $408K$482.5K
+18.3%
4 $530K$628K
+18.5%
5+ $720K$771.4K
+7.1%

Summary: 08648 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.5%, 2 bedroom homes increased by 9.7%, 3 bedroom homes increased by 18.3%, 4 bedroom homes increased by 18.5%, and 5+ bedroom homes increased by 7.1%.

Median Sold Price Compared To Nearby Zip Codes

08648
+17.1%
08638
+16.7%
08550
+15.6%
08619
+11.4%
08534
+1.2%

Housing Supply in 08648, NJ

How many homes are available in 08648, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
91910.0%

Summary: The 08648 real estate market had 91 homes for sale in October 2024, the same as September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 2522
-12.0%
3 3330
-9.1%
4 2529
+16.0%
5+ 79
+28.6%

Summary: The 08648 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 decreased by 12%, 3 bedroom homes decreased by 9.1%, 4 bedroom homes increased by 16%, and 5+ bedroom homes increased by 28.6%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2026+30.0%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

16 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08648, you could pay more than the asking price. 61.5% of homes here sold above asking price last month.

Summary: A total of 26 homes were sold or pending in 08648 in October 2024, up by 30.0% month-over-month. Of the 26 sold homes, 35% were sold under asking, 4% were sold at asking, and 62% were sold over asking.

Days on Market for 08648, NJ

How long does it take to sell a home in 08648, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
23 Days22 Days-5.4%

Summary: Homes in 08648 had an average of 22 days on market in Oct 2024, down by 5.4% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08648 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 26 homes were sold in 08648; 73% of homes were sold within 30 days, 23% 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 5 Days Ago

Newest Listings in 08648, NJ

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