08247 Housing Market Report January 2025•Cape May County, New Jersey

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Housing Prices in 08247, NJ

How much do homes in 08247, NJ cost?

Housing Market Conditions

Is 08247, 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

08247 is a Buyer's Market

Difference Since January 2024

At the same time last year, 08247 was a Seller's Market.

Insight

08247 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

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.
$2,450,000$1,383/SqFt
-$420,000
-14.6%

Based on all homes sold in the last 12 months

Insight

Homes in 08247 have sold for 14.6% less than they did a year ago.

Summary: The median home sold price in 08247 was $2,450,000 in January 2025, down 14.6% from last year, and the median price per square foot was $1,383.

Median Sold Price By Zip Codes

Median Sold Price By Zip Codes
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
08210
+14.9%
08260
+13.4%
08202
+4.4%
08247
-14.6%

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.
BedsJan 2024Jan 2025Change YoY
1-$679K
N/A
2$956.2K$1.2M
+30.7%
3$2.1M$2.1M
+2.4%
4$2.0M$3.4M
+69.2%
5$5.2M$4.5M
-13.6%

Summary: 08247 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 increased by +30.7%. The home price for 3 bedroom homes increased by +2.4%. The home price for 4 bedroom homes increased by +69.2%. The home price for 5 bedroom homes decreased by -13.6%.

Housing supply in 08247, NJ

How many homes are available in 08247, 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
48Last MonthJan 2025
422 months agoDec 2024
+14.3 %
Change MoMDec – Jan

Summary: The 08247 real estate market had 48 homes for sale in Jan 2025, a 14.3 % increase 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
6Last MonthJan 2025
32 months agoDec 2024
+100.0 %
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%
222
0.0%
355
0.0%
41720
+17.6%
51821
+16.7%

Summary: 08247 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 remained the same. The inventory for 3 bedroom homes remained the same. The inventory for 4 bedroom homes increased by +17.6%. The inventory for 5 bedroom homes increased by +16.7%.

Asking Price vs. Sold Price

How much do homes in 08247, 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 Price0 Home

At Asking Price0 Home

Under Asking Price6 Homes

Insight

If you're buying a home in 08247, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 6 homes were sold or pending in 08247 in January 2025, up by 100.0% month-over-month. Of the 6 sold homes, 100% were sold under asking, 0% were sold at asking, and and 0% were sold over asking.

Days on Market for 08247, NJ

How long does it take to sell a home in 08247, NJ?

Breakdown of Home Sale Times

Under 30 Days0 Home

30 – 90 Days2 Homes

Over 90 Days4 Homes

Insight

Most homes in 08247 are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During January 2025, 6 homes were sold in 08247; 0% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 67% 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.
This Year1 year agoChange YoY
186 DaysThis YearJan 2025
143 Days1 year agoJan 2024
+30.5 %
Change YoYJan 2024 – Jan 2025

Summary: Homes in 08247 had an average listing age of 186 days in Jan 2025, up by 30.5% compared to the previous year.

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Newest Listings in 08247, NJ

What homes are available in 08247, NJ?

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MLS Disclaimers and Copyright

Based on information from Cape May County MLS, and BrightMLS for the period 02/01/2023 - 02/01/2025

The data relating to real estate for sale on this web page appears in part through the Cape May County MLS program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which we participate, and is provided by Cape May County MLS through a licensing agreement. Disclaimer: All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to change, withdrawal, or prior sale.

Copyright © 2025 Cape May County Multiple Listing Service. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/23/2025, 5:15:58 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.

The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. This home sale information is not to be construed as an appraisal and may not be used as such for any purpose.

BRIGHT MLS is the (or a) provider of this home sale information and has compiled content from various sources. Some properties represented may not have actually sold due to reporting errors. ©2025 BrightMLS. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/23/2025, 5:20:54 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.