Is 08723, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08723 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 08723 has remained a Seller's Market.

Key Takeaway

08723 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 08723, NJ

How much do homes in 08723, NJ cost?

Median Sold Price

$450,400

$302/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$25,400(+6.0%)

Key Takeaway

Homes in 08723 have sold for 6% more than they did a year ago.

Summary: The median home sold price in 08723 was $450,400 in October 2024, up 6% from last year, and the median price per square foot was $302.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $145K$230K
+58.6%
2 $330.5K$348.5K
+5.4%
3 $443.5K$462.5K
+4.3%
4 $564.5K$670K
+18.7%
5+ $635K$912.5K
+43.7%

Summary: 08723 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 58.6%, 2 bedroom homes increased by 5.4%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 18.7%, and 5+ bedroom homes increased by 43.7%.

Median Sold Price Compared To Nearby Zip Codes

08724
+17.2%
08701
+13.9%
08753
+12.4%
08723
+6.0%

Housing Supply in 08723, NJ

How many homes are available in 08723, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
155139-10.3%

Summary: The 08723 real estate market had 139 homes for sale in October 2024, a 10.3% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 3732
-13.5%
3 6260
-3.2%
4 4236
-14.3%
5+ 1411
-21.4%

Summary: The 08723 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 13.5%, 3 bedroom homes decreased by 3.2%, 4 bedroom homes decreased by 14.3%, and 5+ bedroom homes decreased by 21.4%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3642+16.7%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

11 Homes Were Sold
At Asking

19 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08723, you could pay more than the asking price. 45.2% of homes here sold above asking price last month.

Summary: A total of 42 homes were sold or pending in 08723 in October 2024, up by 16.7% month-over-month. Of the 42 sold homes, 29% were sold under asking, 26% were sold at asking, and 45% were sold over asking.

Days on Market for 08723, NJ

How long does it take to sell a home in 08723, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
26 Days35 Days+30.3%

Summary: Homes in 08723 had an average of 35 days on market in Oct 2024, up by 30.3% compared to last year.

Breakdown of Home Sale Times

24 Homes Were Sold
Under 30 Days

13 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08723 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 42 homes were sold in 08723; 57% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 10% 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 20 Days Ago

Newest Listings in 08723, NJ

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