Is 08816, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08816 is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 08816 was a Seller's Market.

Key Takeaway

08816 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in 08816, NJ

How much do homes in 08816, NJ cost?

Median Sold Price

$575,333

$322/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$48,904(+9.3%)

Key Takeaway

Homes in 08816 have sold for 9.3% more than they did a year ago.

Summary: The median home sold price in 08816 was $575,333 in October 2024, up 9.3% from last year, and the median price per square foot was $322.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $215K$250K
+16.3%
2 $335.5K$365K
+8.8%
3 $474.4K$580K
+22.2%
4 $650K$712K
+9.5%
5+ $775K$856.5K
+10.5%

Summary: 08816 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.3%, 2 bedroom homes increased by 8.8%, 3 bedroom homes increased by 22.2%, 4 bedroom homes increased by 9.5%, and 5+ bedroom homes increased by 10.5%.

Median Sold Price Compared To Nearby Zip Codes

08901
+22.7%
08884
+20.0%
08850
+19.1%
08882
+15.0%
08816
+9.3%

Housing Supply in 08816, NJ

How many homes are available in 08816, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
193173-10.4%

Summary: The 08816 real estate market had 173 homes for sale in October 2024, a 10.4% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 1410
-28.6%
2 4634
-26.1%
3 4640
-13.0%
4 5256
+7.7%
5+ 3533
-5.7%

Summary: The 08816 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 28.6%, 2 bedroom homes decreased by 26.1%, 3 bedroom homes decreased by 13%, 4 bedroom homes increased by 7.7%, and 5+ bedroom homes decreased by 5.7%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
6228-54.8%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08816, you could pay more than the asking price. 46.4% of homes here sold above asking price last month.

Summary: A total of 28 homes were sold or pending in 08816 in October 2024, down by 54.8% month-over-month. Of the 28 sold homes, 36% were sold under asking, 18% were sold at asking, and 46% were sold over asking.

Days on Market for 08816, NJ

How long does it take to sell a home in 08816, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
43 Days40 Days-7.4%

Summary: Homes in 08816 had an average of 40 days on market in Oct 2024, down by 7.4% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08816 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 28 homes were sold in 08816; 57% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 7% 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 4 Days Ago

Newest Listings in 08816, NJ

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