Is 08840, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08840 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 08840 has remained a Seller's Market.

Key Takeaway

08840 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 08840, NJ

How much do homes in 08840, NJ cost?

Median Sold Price

$625,000

$390/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$35,000(+5.9%)

Key Takeaway

Homes in 08840 have sold for 5.9% more than they did a year ago.

Summary: The median home sold price in 08840 was $625,000 in October 2024, up 5.9% from last year, and the median price per square foot was $390.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $251K$295K
+17.5%
2 $365K$432.5K
+18.5%
3 $584.5K$607.5K
+3.9%
4 $665K$712.5K
+7.1%
5+ $791.2K$833.2K
+5.3%

Summary: 08840 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.5%, 2 bedroom homes increased by 18.5%, 3 bedroom homes increased by 3.9%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 5.3%.

Median Sold Price Compared To Nearby Zip Codes

08820
+16.0%
08830
+12.4%
08863
+11.2%
08837
+9.2%
08840
+5.9%

Housing Supply in 08840, NJ

How many homes are available in 08840, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
5052+4.0%

Summary: The 08840 real estate market had 52 homes for sale in October 2024, a 4.0% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 36
+100.0%
3 1918
-5.3%
4 2018
-10.0%
5+ 810
+25.0%

Summary: The 08840 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes decreased by 5.3%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1514-6.7%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08840, you could pay more than the asking price. 64.3% of homes here sold above asking price last month.

Summary: A total of 14 homes were sold or pending in 08840 in October 2024, down by 6.7% month-over-month. Of the 14 sold homes, 21% were sold under asking, 14% were sold at asking, and 64% were sold over asking.

Days on Market for 08840, NJ

How long does it take to sell a home in 08840, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
41 Days36 Days-13.8%

Summary: Homes in 08840 had an average of 36 days on market in Oct 2024, down by 13.8% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08840 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 14 homes were sold in 08840; 43% of homes were sold within 30 days, 29% 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 08840, NJ

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