08807 Housing Market Report December 2024•Somerset County, New Jersey

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Housing Prices in 08807, NJ

How much do homes in 08807, NJ cost?

Housing Market Conditions

Is 08807, 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

08807 is a Seller's Market

Difference Since December 2023

Since last year, 08807 has remained a Seller's Market.

Insight

08807 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

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.
$678,666$345/SqFt
+$68,666
+11.3%

Based on all homes sold in the last 12 months

Insight

Homes in 08807 have sold for 11.3% more than they did a year ago.

Summary: The median home sold price in 08807 was $678,666 in December 2024, up 11.3% from last year, and the median price per square foot was $345.

Median Sold Price By City

Median Sold Price By City
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
08869
+27.3%
08807
+11.3%
08835
+8.3%
08876
+5.2%

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 2023Dec 2024Change YoY
1$200K$230K
+15.0%
2$400K$410K
+2.5%
3$556.5K$583.2K
+4.8%
4$756K$829K
+9.7%
5$890K$977.5K
+9.8%

Summary: 08807 housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes increased by +15.0%. The home price for 2 bedroom homes increased by +2.5%. The home price for 3 bedroom homes increased by +4.8%. The home price for 4 bedroom homes increased by +9.7%. The home price for 5 bedroom homes increased by +9.8%.

Housing supply in 08807, NJ

How many homes are available in 08807, 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
76Last MonthDec 2024
902 months agoNov 2024
-15.6 %
Change MoMNov – Dec

Summary: The 08807 real estate market had 76 homes for sale in Dec 2024, a 15.6 % decrease compared to Nov 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
23Last MonthDec 2024
302 months agoNov 2024
-23.3 %
Change MoMNov – Dec

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.
BedsNov 2024Dec 2024Change MoM
110
-100.0%
21213
+8.3%
33631
-13.9%
42316
-30.4%
51816
-11.1%

Summary: 08807 housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes decreased by -100.0%. The inventory for 2 bedroom homes increased by +8.3%. The inventory for 3 bedroom homes decreased by -13.9%. The inventory for 4 bedroom homes decreased by -30.4%. The inventory for 5 bedroom homes decreased by -11.1%.

Asking Price vs. Sold Price

How much do homes in 08807, 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 Price15 Homes

At Asking Price3 Homes

Under Asking Price5 Homes

Insight

If you're buying a home in 08807, you could pay more than the asking price. 65.2% of homes here sold above asking price last month.

Summary: A total of 23 homes were sold or pending in 08807 in December 2024, down by 23.3% month-over-month. Of the 23 sold homes, 22% were sold under asking, 13% were sold at asking, and and 65% were sold over asking.

Days on Market for 08807, NJ

How long does it take to sell a home in 08807, NJ?

Breakdown of Home Sale Times

Under 30 Days0 Home

30 – 90 Days0 Home

Over 90 Days1 Home

Insight

Most homes in 08807 are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During December 2024, 23 homes were sold in 08807; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 4% 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
160 DaysThis YearDec 2024
0 Days1 year agoDec 2023
0.0 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in 08807 had an average listing age of 160 days in Dec 2024, down by .0% compared to the previous year.

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Newest Listings in 08807, NJ

What homes are available in 08807, NJ?

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MLS Disclaimers and Copyright

Based on information from Garden State MLS, Monmouth Ocean Regional MLS, and ALL JERSEY MLS for the period 01/01/2023 - 01/01/2025

Information deemed reliable but not guaranteed. Copyright © 2025 Garden State Multiple Listing Service, L.L.C. All rights reserved.

Disclaimer: The data relating to real estate for sale on this website comes in part from the IDX Program of Garden State Multiple Listing Service, L.L.C. Real estate listings held by other brokerage firms are marked as an IDX Listing. Information deemed reliable but not guaranteed.

Notice: The dissemination of listings displayed herein does not constitute the consent required by N.J.A.C. 11:5.6.1 (n) for the advertisement of listings exclusively for sale by another broker. Any such consent must be obtained in writing from the listing broker.

The information on this web site is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. We are not responsible or liable for misinformation, misprints, or typographical errors. All information provided is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals. Properties subject to prior sale, change, withdrawal or rental.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/27/2025, 12:55:47 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Monmouth/Ocean MLS Monmouth County Association Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2025 Monmouth/Ocean MLS Monmouth County Association Board of Realtors. 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: 1/26/2025, 11:50:55 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX The data relating to real estate for sale on this web-site comes in part from the Internet Listing Display database of the CENTRAL JERSEY MULTIPLE LISTING SYSTEM. Real estate listings held by brokerage firms other than this site-owner are marked with the ILD logo. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM does not warrant the accuracy, quality, reliability, suitability, completeness, usefulness or effectiveness of any information provided. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify properties the consumer may be interested in purchasing or renting. Copyright 2025, CENTRAL JERSEY MULTIPLE LISTING SYSTEM. All Rights Reserved. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM retains all rights, title and interest in and to its trademarks, service marks and copyrighted material.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/27/2025, 1:20:48 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.