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 November 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

$446,083

$302/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$61,083(+15.9%)

Key Takeaway

Homes in 08724 have sold for 15.9% more than they did a year ago.

Summary: The median home sold price in 08724 was $446,083 in November 2024, up 15.9% from last year, and the median price per square foot was $302.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $217K$270K
+24.4%
2 $290K$330K
+13.8%
3 $453.5K$493.7K
+8.9%
4 $600K$623K
+3.8%
5+ $669.9K$800K
+19.4%

Summary: 08724 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 24.4%, 2 bedroom homes increased by 13.8%, 3 bedroom homes increased by 8.9%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 19.4%.

Median Sold Price Compared To Nearby Zip Codes

08736
+16.8%
08730
+16.6%
08724
+15.9%
08742
+7.7%

Housing Supply in 08724, NJ

How many homes are available in 08724, NJ?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
209194-7.2%

Summary: The 08724 real estate market had 194 homes for sale in November 2024, a 7.2% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 85
-37.5%
2 9085
-5.6%
3 5751
-10.5%
4 4135
-14.6%
5+ 1318
+38.5%

Summary: The 08724 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 37.5%, 2 bedroom homes decreased by 5.6%, 3 bedroom homes decreased by 10.5%, 4 bedroom homes decreased by 14.6%, and 5+ bedroom homes increased by 38.5%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
5266+26.9%

Asking Price vs. Sold Price

27 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

31 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08724, you could pay more than the asking price. 47% of homes here sold above asking price last month.

Summary: A total of 66 homes were sold or pending in 08724 in November 2024, up by 26.9% month-over-month. Of the 66 sold homes, 41% were sold under asking, 12% were sold at asking, and 47% 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

Nov 2023Nov 2024CHANGE
16 Days24 Days+44.8%

Summary: Homes in 08724 had an average of 24 days on market in Nov 2024, up by 44.8% compared to last year.

Breakdown of Home Sale Times

47 Homes Were Sold
Under 30 Days

17 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 November 2024, 66 homes were sold in 08724; 71% of homes were sold within 30 days, 26% 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 27 Days Ago

Newest Listings in 08724, NJ

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