Is 08902, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 08902 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 08902 has remained a Seller's Market.

Key Takeaway

08902 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 08902, NJ

How much do homes in 08902, NJ cost?

Median Sold Price

$469,000

$307/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$43,500(+10.2%)

Key Takeaway

Homes in 08902 have sold for 10.2% more than they did a year ago.

Summary: The median home sold price in 08902 was $469,000 in October 2024, up 10.2% from last year, and the median price per square foot was $307.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $215K$242K
+12.6%
2 $332.5K$382K
+14.9%
3 $469K$550.9K
+17.5%
4 $555K$651K
+17.3%
5+ $668K$802.5K
+20.1%

Summary: 08902 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.6%, 2 bedroom homes increased by 14.9%, 3 bedroom homes increased by 17.5%, 4 bedroom homes increased by 17.3%, and 5+ bedroom homes increased by 20.1%.

Median Sold Price Compared To Nearby Zip Codes

08901
+22.7%
08850
+19.1%
08824
+13.8%
08902
+10.2%
08816
+9.3%

Housing Supply in 08902, NJ

How many homes are available in 08902, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
110130+18.2%

Summary: The 08902 real estate market had 130 homes for sale in October 2024, a 18.2% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 45
+25.0%
2 3942
+7.7%
3 3948
+23.1%
4 2122
+4.8%
5+ 713
+85.7%

Summary: The 08902 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 7.7%, 3 bedroom homes increased by 23.1%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes increased by 85.7%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1929+52.6%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

20 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 08902, you could pay more than the asking price. 69% of homes here sold above asking price last month.

Summary: A total of 29 homes were sold or pending in 08902 in October 2024, up by 52.6% month-over-month. Of the 29 sold homes, 28% were sold under asking, 3% were sold at asking, and 69% were sold over asking.

Days on Market for 08902, NJ

How long does it take to sell a home in 08902, NJ?

Average Sale Time

Oct 2023Oct 2024CHANGE
30 Days32 Days+5.6%

Summary: Homes in 08902 had an average of 32 days on market in Oct 2024, up by 5.6% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 08902 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 29 homes were sold in 08902; 55% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 3% 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 22 Days Ago

Newest Listings in 08902, NJ

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