Is 08861, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08861 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 08861 has remained a Seller's Market.

Key Takeaway

08861 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 08861, NJ

How much do homes in 08861, NJ cost?

Median Sold Price

$410,000

$290/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$46,666(+12.8%)

Key Takeaway

Homes in 08861 have sold for 12.8% more than they did a year ago.

Summary: The median home sold price in 08861 was $410,000 in October 2024, up 12.8% from last year, and the median price per square foot was $290.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $222.5K$280K
+25.8%
2 $308K$332K
+7.8%
3 $380K$399.5K
+5.1%
4 $430K$465K
+8.1%
5+ $479K$525K
+9.6%

Summary: 08861 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25.8%, 2 bedroom homes increased by 7.8%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes increased by 9.6%.

Median Sold Price Compared To Nearby Zip Codes

08861
+12.8%
08863
+11.2%
07095
+8.9%

Housing Supply in 08861, NJ

How many homes are available in 08861, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
7982+3.8%

Summary: The 08861 real estate market had 82 homes for sale in October 2024, a 3.8% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 35
+66.7%
2 1615
-6.3%
3 3837
-2.6%
4 1518
+20.0%
5+ 77
0.0%

Summary: The 08861 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes decreased by 6.3%, 3 bedroom homes decreased by 2.6%, 4 bedroom homes increased by 20%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
14140.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

2 Homes Were Sold
At Asking

11 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08861, you could pay more than the asking price. 78.6% of homes here sold above asking price last month.

Summary: A total of 14 homes were sold or pending in 08861 in October 2024, the same as the previous month. Of the 14 sold homes, 7% were sold under asking, 14% were sold at asking, and 79% were sold over asking.

Days on Market for 08861, NJ

How long does it take to sell a home in 08861, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
55 Days33 Days-39.6%

Summary: Homes in 08861 had an average of 33 days on market in Oct 2024, down by 39.6% compared to last year.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08861 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 14 homes were sold in 08861; 57% of homes were sold within 30 days, 36% 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 20 Days Ago

Newest Listings in 08861, NJ

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