07031 Housing Market Report January 2025•Bergen County, New Jersey

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Housing Prices in 07031, NJ

How much do homes in 07031, NJ cost?

Housing Market Conditions

Is 07031, NJ a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

07031 is a Neutral Market

Difference Since December 2024

Last month, 07031 was a Seller's Market.

Insight

07031 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$635,000–
+$5,000
+0.8%

Based on all homes sold in January 2025

Insight

Homes in 07031 have sold for 0.8% more than they did a month ago.

Summary: The median home sold price in 07031 was $635,000 in January 2025, up 0.8% from last month, and the median price per square foot was $0.

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2024Jan 2025Change YoY
1--
N/A
2--
N/A
3$620K$550K
-11.3%
4$874K-
N/A
5-$720K
N/A

Summary: 07031 housing price by bedroom type for January 2025, compared to the previous year. The home price for 1 bedroom homes did not change. The home price for 2 bedroom homes did not change. The home price for 3 bedroom homes decreased by -11.3%. The home price for 4 bedroom homes did not change. The home price for 5 bedroom homes did not change.

Housing supply in 07031, NJ

How many homes are available in 07031, NJ?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
12Last MonthJan 2025
172 months agoDec 2024
-29.4 %
Change MoMDec – Jan

Summary: The 07031 real estate market had 12 homes for sale in Jan 2025, a 29.4 % decrease compared to Dec 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
2Last MonthJan 2025
52 months agoDec 2024
-60.0 %
Change MoMDec – Jan

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsDec 2024Jan 2025Change MoM
100
0.0%
210
-100.0%
386
-25.0%
452
-60.0%
534
+33.3%

Summary: 07031 housing inventory by bedroom type for January 2025, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes decreased by -100.0%. The inventory for 3 bedroom homes decreased by -25.0%. The inventory for 4 bedroom homes decreased by -60.0%. The inventory for 5 bedroom homes increased by +33.3%.

Asking Price vs. Sold Price

How much do homes in 07031, NJ cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price2 Homes

At Asking Price0 Home

Under Asking Price0 Home

Insight

If you're buying a home in 07031, you could pay more than the asking price. 100% of homes here sold above asking price last month.

Summary: A total of 2 homes were sold or pending in 07031 in January 2025, down by 60.0% month-over-month. Of the 2 sold homes, 0% were sold under asking, 0% were sold at asking, and and 100% were sold over asking.

Days on Market for 07031, NJ

How long does it take to sell a home in 07031, NJ?

Breakdown of Home Sale Times

Under 30 Days1 Home

30 – 90 Days0 Home

Over 90 Days0 Home

Insight

Many homes in 07031 are selling fast, if you're buying plan to act quickly.

Summary: During January 2025, 2 homes were sold in 07031; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
Last Month1 month agoChange MoM
13 DaysLast MonthJan 2025
12 Days1 month agoDec 2024
+8.3 %
Change MoMDec – Jan

Summary: Homes in 07031 had an average listing age of 13 days in Jan 2025, up by 8.3% compared to the previous month.

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Newest Listings in 07031, NJ

What homes are available in 07031, NJ?

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MLS Disclaimers and Copyright

Based on information from New Jersey MLS, for the period 12/01/2024 - 02/01/2025

IDXDisclaimer: The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than Rocket Homes Real Estate, LLC are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Information provided is for consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.

All information deemed reliable but not guaranteed. Source: New Jersey Multiple Listing Service, Inc. Copyright© 2025 New Jersey Multiple Listing Service, Inc. All rights reserved.

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Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/12/2025, 9:20:57 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.