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 5 Days Ago

Newest Listings in 08861, NJ

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