Is 08850, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08850 is a buyer's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 08850 was a Seller's Market.

Key Takeaway

08850 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 08850, NJ

How much do homes in 08850, NJ cost?

Median Sold Price

$557,500

$311/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$89,500(+19.1%)

Key Takeaway

Homes in 08850 have sold for 19.1% more than they did a year ago.

Summary: The median home sold price in 08850 was $557,500 in October 2024, up 19.1% from last year, and the median price per square foot was $311.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $349K$445.8K
+27.7%
3 $455K$482.5K
+6.0%
4 $527.5K$631K
+19.6%
5+ $940K$909.3K
-3.3%

Summary: 08850 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 27.7%, 3 bedroom homes increased by 6%, 4 bedroom homes increased by 19.6%, and 5+ bedroom homes decreased by 3.3%.

Median Sold Price Compared To Nearby Zip Codes

08901
+22.7%
08850
+19.1%
08902
+10.2%
08816
+9.3%

Housing Supply in 08850, NJ

How many homes are available in 08850, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3843+13.2%

Summary: The 08850 real estate market had 43 homes for sale in October 2024, a 13.2% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 01
+100.0%
2 57
+40.0%
3 1417
+21.4%
4 1715
-11.8%
5+ 23
+50.0%

Summary: The 08850 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 40%, 3 bedroom homes increased by 21.4%, 4 bedroom homes decreased by 11.8%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
86-25.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08850, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Summary: A total of 6 homes were sold or pending in 08850 in October 2024, down by 25.0% month-over-month. Of the 6 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.

Days on Market for 08850, NJ

How long does it take to sell a home in 08850, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
36 Days26 Days-26.7%

Summary: Homes in 08850 had an average of 26 days on market in Oct 2024, down by 26.7% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08850 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 6 homes were sold in 08850; 67% of homes were sold within 30 days, 33% 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 4 Days Ago

Newest Listings in 08850, NJ

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