Norwood, NJ 07648 Real Estate Market Report

ZIP Code: 07648
Report Date: April 2026
Market Temperature: HOT
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The real estate market in Norwood, NJ is currently characterized by a median sold price of $982,500, reflecting strong demand and competitive conditions. The neighborhood has experienced a price trend that is up, indicating a robust appreciation in property values. This upward trajectory suggests that buyers are willing to meet seller expectations, despite the median listing price being notably higher at $1,144,950. This gap may indicate some pricing friction as sellers adjust to market realities.

Transaction activity appears to be moderate, with median days on market at 289, suggesting a slower sales velocity in the current environment. The elevated inventory levels relative to sales activity indicate that while there is demand, the market may be experiencing excess supply, which could lead to a more cautious approach from buyers. Overall, the market temperature is classified as hot, reflecting the ongoing demand and positive economic indicators supporting housing conditions in the area.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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Property Taxes

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.

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Key Findings

1. The median sold price of $982,500 indicates strong market performance, with values trending up overall.

2. With a median listing price of $1,144,950, there is a significant gap between asking and sold prices, suggesting potential pricing friction.

3. The median days on market of 289 points to a slower sales velocity, indicating that properties may take longer to sell in the current market.

4. The market temperature is classified as hot, reflecting ongoing demand and a competitive environment for buyers.

5. Rental demand remains high, with a median market rent of $3,560, further supporting the strength of the local real estate market.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.