Is 08822, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08822 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 08822 has remained a Seller's Market.

Key Takeaway

08822 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 08822, NJ

How much do homes in 08822, NJ cost?

Median Sold Price

$560,000

$256/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$66,666(+13.5%)

Key Takeaway

Homes in 08822 have sold for 13.5% more than they did a year ago.

Summary: The median home sold price in 08822 was $560,000 in October 2024, up 13.5% from last year, and the median price per square foot was $256.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $235K$249.5K
+6.2%
2 $370K$405K
+9.5%
3 $472K$510K
+8.1%
4 $700K$800K
+14.3%
5+ $799K$890K
+11.4%

Summary: 08822 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.2%, 2 bedroom homes increased by 9.5%, 3 bedroom homes increased by 8.1%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 11.4%.

Median Sold Price Compared To Nearby Zip Codes

08887
+27.8%
08551
+24.1%
08867
+17.0%
08822
+13.5%

Housing Supply in 08822, NJ

How many homes are available in 08822, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
133130-2.3%

Summary: The 08822 real estate market had 130 homes for sale in October 2024, a 2.3% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 46
+50.0%
2 2623
-11.5%
3 3736
-2.7%
4 4750
+6.4%
5+ 1915
-21.1%

Summary: The 08822 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 11.5%, 3 bedroom homes decreased by 2.7%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes decreased by 21.1%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3625-30.6%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08822, you could pay more than the asking price. 52% of homes here sold above asking price last month.

Summary: A total of 25 homes were sold or pending in 08822 in October 2024, down by 30.6% month-over-month. Of the 25 sold homes, 40% were sold under asking, 8% were sold at asking, and 52% were sold over asking.

Days on Market for 08822, NJ

How long does it take to sell a home in 08822, NJ?

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08822 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 25 homes were sold in 08822; 12% of homes were sold within 30 days, 0% 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 21 Days Ago

Newest Listings in 08822, NJ

Nearby Markets to 08822, NJ