Is 08724, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08724 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 08724 has remained a Seller's Market.

Key Takeaway

08724 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 08724, NJ

How much do homes in 08724, NJ cost?

Median Sold Price

$448,466

$299/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$65,683(+17.2%)

Key Takeaway

Homes in 08724 have sold for 17.2% more than they did a year ago.

Summary: The median home sold price in 08724 was $448,466 in October 2024, up 17.2% from last year, and the median price per square foot was $299.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $217K$263.5K
+21.4%
2 $290K$325K
+12.1%
3 $450K$487.9K
+8.4%
4 $582.5K$627K
+7.6%
5+ $659.9K$795K
+20.5%

Summary: 08724 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.4%, 2 bedroom homes increased by 12.1%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 7.6%, and 5+ bedroom homes increased by 20.5%.

Median Sold Price Compared To Nearby Zip Codes

08724
+17.2%
08736
+12.1%
08742
+9.2%
08730
+8.4%

Housing Supply in 08724, NJ

How many homes are available in 08724, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
208191-8.2%

Summary: The 08724 real estate market had 191 homes for sale in October 2024, a 8.2% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 58
+60.0%
2 8481
-3.6%
3 5547
-14.5%
4 4639
-15.2%
5+ 1816
-11.1%

Summary: The 08724 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 60%, 2 bedroom homes decreased by 3.6%, 3 bedroom homes decreased by 14.5%, 4 bedroom homes decreased by 15.2%, and 5+ bedroom homes decreased by 11.1%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
5949-16.9%

Asking Price vs. Sold Price

24 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

15 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08724, you may be able to get a good deal. 49% of homes here sold below asking price last month.

Summary: A total of 49 homes were sold or pending in 08724 in October 2024, down by 16.9% month-over-month. Of the 49 sold homes, 49% were sold under asking, 20% were sold at asking, and 31% were sold over asking.

Days on Market for 08724, NJ

How long does it take to sell a home in 08724, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
22 Days26 Days+19.3%

Summary: Homes in 08724 had an average of 26 days on market in Oct 2024, up by 19.3% compared to last year.

Breakdown of Home Sale Times

31 Homes Were Sold
Under 30 Days

15 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08724 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 49 homes were sold in 08724; 63% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 2% 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 23 Days Ago

Newest Listings in 08724, NJ

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