Is 08831, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08831 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 08831 has remained a Seller's Market.

Key Takeaway

08831 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 08831, NJ

How much do homes in 08831, NJ cost?

Median Sold Price

$489,600

$275/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$74,600(+18.0%)

Key Takeaway

Homes in 08831 have sold for 18% more than they did a year ago.

Summary: The median home sold price in 08831 was $489,600 in October 2024, up 18% from last year, and the median price per square foot was $275.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $151.2K$171.2K
+13.2%
2 $340K$386.3K
+13.6%
3 $500K$628.5K
+25.7%
4 $745K$795K
+6.7%
5+ $960.5K$1.1M
+21.0%

Summary: 08831 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.2%, 2 bedroom homes increased by 13.6%, 3 bedroom homes increased by 25.7%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes increased by 21%.

Median Sold Price Compared To Nearby Zip Codes

08884
+20.0%
08831
+18.0%
08828
+9.8%
08810
+8.4%
08857
+6.5%

Housing Supply in 08831, NJ

How many homes are available in 08831, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
362386+6.6%

Summary: The 08831 real estate market had 386 homes for sale in October 2024, a 6.6% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 69
+50.0%
2 198216
+9.1%
3 8388
+6.0%
4 4040
0.0%
5+ 3533
-5.7%

Summary: The 08831 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 increased by 9.1%, 3 bedroom homes increased by 6%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 5.7%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
7073+4.3%

Asking Price vs. Sold Price

35 Homes Were Sold
Under Asking

11 Homes Were Sold
At Asking

27 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08831, you may be able to get a good deal. 47.9% of homes here sold below asking price last month.

Summary: A total of 73 homes were sold or pending in 08831 in October 2024, up by 4.3% month-over-month. Of the 73 sold homes, 48% were sold under asking, 15% were sold at asking, and 37% were sold over asking.

Days on Market for 08831, NJ

How long does it take to sell a home in 08831, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
40 Days41 Days+2.4%

Summary: Homes in 08831 had an average of 41 days on market in Oct 2024, up by 2.4% compared to last year.

Breakdown of Home Sale Times

38 Homes Were Sold
Under 30 Days

25 Homes Were Sold
In 30 - 90 Days

8 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08831 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 73 homes were sold in 08831; 52% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 11% 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

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