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 4 Days Ago

Newest Listings in 08902, NJ

Nearby Markets to 08902, NJ