Is 08863, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08863 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 08863 has remained a Seller's Market.

Key Takeaway

08863 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 08863, NJ

How much do homes in 08863, NJ cost?

Median Sold Price

$472,500

$365/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$47,500(+11.2%)

Key Takeaway

Homes in 08863 have sold for 11.2% more than they did a year ago.

Summary: The median home sold price in 08863 was $472,500 in October 2024, up 11.2% from last year, and the median price per square foot was $365.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$296K
N/A
2 $325K$353K
+8.6%
3 $410K$469.5K
+14.5%
4 $475K$535K
+12.6%
5+ $629K$556K
-11.6%

Summary: 08863 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 8.6%, 3 bedroom homes increased by 14.5%, 4 bedroom homes increased by 12.6%, and 5+ bedroom homes decreased by 11.6%.

Median Sold Price Compared To Nearby Zip Codes

08861
+12.8%
08830
+12.4%
08863
+11.2%
07095
+8.9%

Housing Supply in 08863, NJ

How many homes are available in 08863, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
4050+25.0%

Summary: The 08863 real estate market had 50 homes for sale in October 2024, a 25.0% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 914
+55.6%
3 1114
+27.3%
4 1619
+18.8%
5+ 43
-25.0%

Summary: The 08863 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 55.6%, 3 bedroom homes increased by 27.3%, 4 bedroom homes increased by 18.8%, and 5+ bedroom homes decreased by 25%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
313+333.3%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08863, you could pay more than the asking price. 61.5% of homes here sold above asking price last month.

Summary: A total of 13 homes were sold or pending in 08863 in October 2024, up by 333.3% month-over-month. Of the 13 sold homes, 23% were sold under asking, 15% were sold at asking, and 62% were sold over asking.

Days on Market for 08863, NJ

How long does it take to sell a home in 08863, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
34 Days31 Days-6.9%

Summary: Homes in 08863 had an average of 31 days on market in Oct 2024, down by 6.9% compared to last year.

Breakdown of Home Sale Times

7 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 08863 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 13 homes were sold in 08863; 54% of homes were sold within 30 days, 38% 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 08863, NJ

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