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Sarah Mitchell

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Compass Real Estate · New Jersey

“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”

New Jersey(512) 555-0184TX License #0512847

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New Jersey housing market

The typical home in New Jersey is worth $580,353, up 3.9% over the past year. Homes that actually closed went for a median of $579,900 after 35 days on market. On supply, pricing discipline, and speed of sale, New Jersey currently reads as a seller's market at 3.3 months of supply. At today's 7.03% 30-year fixed rate, that typical home costs $3,098 a month in principal and interest with 20.0% down.

Sources: Zillow, August 2026 · Refreshes monthly · Redfin, through May 2026 · Freddie Mac via FRED, September 2026

New Jersey housing market at a glance

Every tile carries the provider and the month it was published

Typical home value

$580,353

+3.9% YoY · Zillow, August 2026

Median sale price

$579,900

Redfin, through May 2026

Typical asking rent

$2,515/mo

Median of 97 cities · Zillow, August 2026

30-yr fixed rate

7.03%

Freddie Mac via FRED, September 2026

Monthly P&I

$3,098

20.0% down, 30-yr fixed

Days on market

-1 days YoY

Active listings

22,973

+2.5% YoY

Median household income

$101,050

U.S. Census ACS, 2023

Typical home value is Zillow's ZHVI — the value of a typical home across the whole housing stock, not just the homes that sold. Median sale price is what actually closed. Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.

Where New Jersey home prices are heading

New Jersey's typical home value is $580,353, up 3.9% over 12 months. The two-year number matters more than the one-year number: it spans a full rate cycle rather than a single seasonal swing. Values are at or within a rounding error of their two-year high.

Against the national picture, New Jersey runs 57.4% above the U.S. typical home value of $368,697, and its 12-month move of +3.9% is outpacing the national pace of +1.2%.

What would have to change for New Jersey prices to fall. Prices fall when supply outruns demand for long enough that sellers compete on price rather than waiting. New Jersey is carrying 3.3 months of supply — below the four-month line, so inventory would have to roughly double before sellers lose pricing power. Active listings are +2.5% year over year and new listings +1.9%, which is close to flat. The other lever is the rate. At 7.03%, existing owners with cheaper mortgages have little reason to list, which is what has kept supply artificially low across most of the country. A sustained move down in rates unlocks those sellers and adds inventory; it also adds buyers. Which side moves first decides the direction.

Market trends

Statewide monthly series · Redfin, through May 2026 · No longer updating · Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.

What it costs to buy in New Jersey at today's rate

Down payment

$116,071

20.0% of value

Loan amount

$464,282

30-yr fixed

Monthly P&I

$3,098

at 7.03%

Income needed

$132,771

28.0% front-end ratio

A buyer purchasing the typical New Jersey home at $580,353 puts $116,071 down, finances $464,282, and pays $3,098 a month in principal and interest. Property taxes, homeowners insurance, HOA dues, and mortgage insurance sit on top of that and vary by county — budget for them separately rather than assuming the P&I figure is the payment.

Lenders typically want principal and interest under 28.0% of gross income, which puts the qualifying income for that purchase at roughly $132,771. New Jersey's median household earns $101,050 (Census ACS 2023) — a gap of $31,721 above what the median household brings in. Put differently, the median household would spend 36.8% of gross income on principal and interest alone — above the ratio most lenders underwrite to, which is why buyers here typically need a larger down payment, a co-borrower, or a cheaper city than the statewide typical home.

The value-to-income ratio in New Jersey is 5.7x. Anything above 5x means prices have run well ahead of local earnings; buyers are relying on dual incomes, prior equity, or outside capital rather than local wages. Model your own numbers in the affordability calculator or the mortgage calculator.

Figures are illustrative, not a quote or a pre-approval. Rate: Freddie Mac via FRED, September 2026 · Value: Zillow, August 2026 · Income: U.S. Census ACS, 2023

Buying in New Jersey in the next 12 months?

Tell us your timeline. We send the New Jersey market brief: the price ranges that are actually clearing, the cities where your budget goes furthest, and what to fix on your credit before you apply.

Rent or buy in New Jersey?

Zillow publishes its rent index per city rather than per state, so the honest statewide read is the median across the 97 largest New Jersey cities that carry it: $2,515 a month. Set against a typical home value of $580,353, that is a price-to-rent ratio of 19.2x.

Between 15x and 20x the two options are close enough that the tiebreaker is how long you stay, not the ratio itself. Principal and interest on the typical home runs $583 more per month than that typical rent — and that is before taxes, insurance, and the roughly 1% of value a year most owners spend on maintenance.

For a second read on the same question, the Census ACS puts median gross rent across all New Jersey households — every unit type, not just what is currently listed — at $1,653 a month (2023), with 63.7% of New Jersey households owning rather than renting. Asking rents lead the ACS figure because they reflect today's new leases rather than the whole stock of existing ones.

Run the rent-vs-buy calculator with your own holding period and down payment — the statewide ratio is a starting point, not an answer.

Supply: what is on the market in New Jersey

New Jersey inventory, new listings, sales, and supply, latest month versus the same month a year earlier
Measure	Latest	Year earlier	Change
Active listings	22,973	22,414	+2.5%
New listings	11,400	11,184	+1.9%
Homes sold	6,931	7,891	-12.2%
Months of supply	3.3	2.8	+0.5
Sale-to-list ratio	102.1%	102.4%	Above asking

What these mean. Active listings is the shelf — everything a buyer could tour today. New listings is restock rate; when it falls faster than sales, the shelf empties. Months of supply is active inventory divided by homes sold per month: at the current sales pace, how many months it would take to sell every home currently listed. Under 4 months of supply tilts toward sellers, 4 to 5 months is the neutral band, and above 5 months tilts toward buyers — above 7 months is a glut. These are the same thresholds the market verdict on every city and ZIP page is scored against. Sale-to-list ratio is the discipline check — above 100% means homes are clearing over asking on average, below means sellers are conceding.

Redfin, through May 2026 · No longer updating — Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026. Zillow's inventory and new-listing counts are published per city and appear on the individual city pages.

Where New Jersey home values are moving fastest

12-month change in typical home value · Zillow, August 2026

Rising fastest

Falling

Computed from Zillow's typical home value for each city at August 2026 against the same month a year earlier, across the 150 largest New Jersey cities by population. Small markets swing hardest because a handful of transactions moves the index — read the city page before treating a large move as a trend.

The most and least expensive cities in New Jersey

Typical home value across the 150 largest cities · Zillow, August 2026

Most expensive

Most affordable

1.Camden$152,107
2.Atlantic City$223,298
3.Gloucester City$243,469
4.Pleasantville$249,388
5.Bridgeton$258,244
6.Millville$261,597
7.Lindenwold$273,287
8.Pennsville$278,941
9.Pine Hill$287,614
10.Vineland$314,247

The spread between Short Hills and Camden is 15.7x — one reason a single statewide number is close to useless for a buyer with a fixed budget. Pick the city first, then the price band. Speed is a separate axis from price: Short Hills was the quickest of these markets to clear at 10 days on market (Redfin, through May 2026).

How New Jersey compares

New Jersey typical home value, 12-month change, median household income, and value-to-income ratio compared with the United States and neighboring states
Market	Typical value	12-mo change	Median income	Value / income
New Jersey	$580,353	+3.9%	$101,050	5.7x
United States	$368,697	+1.2%	—	—
New York	$526,714	+5.6%	$84,578	6.2x
Pennsylvania	$290,401	+2.4%	$76,081	3.8x
Delaware	$406,074	+1.3%	$82,855	4.9x

The three states above are New Jersey's nearest land neighbours — the markets buyers most often price against when a move is still negotiable. New York and Pennsylvania and Delaware carry lower typical home value than New Jersey, which is what makes them the usual destination for equity-funded moves out of New Jersey.

Values and 12-month changes: Zillow, August 2026 · Refreshes monthly. Income: U.S. Census ACS, 2023. ACS publishes household income per state, not for the nation on the same basis, so the U.S. row shows home value only.

New Jersey housing markets by city

701 cities tracked — the 60 largest by population shown

Newark

$481,850

Jersey City

$657,765

Paterson

$536,737

Elizabeth

$548,920

Toms River

$464,685

Trenton

$348,502

Clifton

$612,937

Camden

$152,107

Bayonne

$592,916

Lakewood

$589,571

Passaic

$555,875

East Orange

$482,835

Union City

$563,754

Vineland

$314,247

Hoboken

$883,427

New Brunswick

$448,096

Perth Amboy

$500,079

Plainfield

$519,451

West New York

$450,193

Hackensack

$474,701

Sayreville

$535,777

Sicklerville

$383,302

Linden

$554,388

Kearny

$576,641

Fort Lee

$599,346

Atlantic City

$223,298

Fair Lawn

$729,028

Garfield

$588,879

Long Branch

$849,446

Westfield

$1.32M

Princeton

$970,831

Rahway

$540,733

Englewood

$633,595

Bergenfield

$647,012

Old Bridge

Pop. 28K

Millville

$261,597

Bridgeton

$258,244

Paramus

$1.08M

Ridgewood

$1.27M

Lodi

$630,259

Cliffside Park

$642,665

Carteret

$564,839

South Plainfield

$594,056

Somerset

$578,473

Glassboro

$372,613

North Plainfield

$498,907

Summit

$1.41M

Roselle

$521,025

Hillsborough

Pop. 22K

Parsippany

Pop. 22K

Lindenwold

$273,287

Secaucus

$657,746

Elmwood Park

$622,018

Pleasantville

$249,388

Morristown

$910,456

Palisades Park

$1.02M

Woodbridge

$485,519

Harrison

$580,725

Hawthorne

$647,132

Tinton Falls

$656,187

Browse all 701 New Jersey cities Compare every state →

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What to do next in New Jersey

If you are buying

Set the payment before the price. Start from what you can carry monthly, then work backwards with the affordability calculator — the typical New Jersey home is $3,098/mo in P&I today.
Pick the city, not the state. Values across New Jersey run from $152,107 in Camden to $2.39M in Short Hills.
Put two finalists head to head in the city comparison tool before you tour anything.
Fix the credit file before you shop the rate. A better score moves the payment more than haggling over price does at 7.03%.

If you are selling

Price against your city, not the statewide figure — the spread between New Jersey markets is wider than the year-over-year move in any of them.
Read the supply table above. At 3.3 months of supply, you still set the terms — but only if the home is priced to the comps on day one.
Watch days on market in your city, not the state. The statewide median was 35 days (Redfin, through May 2026); your city page carries its own.
Time the listing against new-listing volume. New listings are +1.9% year over year — less competition than a year ago.

New Jersey housing market questions

What is the typical home value in New Jersey?

The typical home value in New Jersey is $580,353 (Zillow, August 2026). That is a +3.9% change over the past 12 months. The median price of homes that actually sold was $579,900 (Redfin, through May 2026); sale prices skew toward whatever segment is transacting, which is why they differ from the typical-value figure.

Are New Jersey home prices going up or down?

New Jersey home values are up 3.9% year over year (Zillow, August 2026). Values are at or near their highest reading in the past two years.

How much income do you need to buy a home in New Jersey?

At the current 30-year fixed rate of 7.03%, a $580,353 home with 20.0% down carries roughly $3,098 a month in principal and interest. Using the 28% front-end ratio most lenders underwrite to, that implies a household income of about $132,771 before taxes, insurance, HOA dues, or mortgage insurance are added. New Jersey's median household income is $101,050 (Census ACS, 2023), a gap of $31,721 above the median household. These figures are illustrative, not a quote or a pre-approval.

Is it cheaper to rent or buy in New Jersey?

Typical asking rent across the largest New Jersey cities Zillow publishes rent data for is $2,515 a month (median of 97 cities, Zillow, August 2026). Against a typical home value of $580,353, that is a price-to-rent ratio of 19.2x. Ratios under about 15x generally favour buying if you plan to stay put; above about 20x, renting and investing the difference tends to win over short horizons. Principal and interest alone runs $583 more than that typical rent each month, before taxes, insurance, and maintenance.

Which New Jersey cities are the most affordable?

Among the largest cities we track in New Jersey, the lowest typical home values are in Camden ($152,107), Atlantic City ($223,298), Gloucester City ($243,469), Pleasantville ($249,388), Bridgeton ($258,244). Values are Zillow's typical-home-value index for August 2026.

Which New Jersey cities are the most expensive?

The highest typical home values among the largest New Jersey cities are in Short Hills ($2.39M), Franklin Lakes ($1.64M), Summit ($1.41M), Tenafly ($1.33M), Westfield ($1.32M). Price per square foot, inventory, and days on market for each are on the individual city pages.

Which New Jersey cities are appreciating the fastest?

Over the past 12 months the largest home-value gains among New Jersey cities we track were in Summit (+11.7%), Franklin Lakes (+11.2%), River Edge (+9.6%), Palisades Park (+9.3%), Ocean City (+9.1%). Fast appreciation usually reflects constrained supply, in-migration, or a small transaction base — check the individual city page before reading it as a trend.

How long do homes take to sell in New Jersey?

Homes in New Jersey spent a median of 35 days on market in the last month Redfin published (Redfin, through May 2026). That is 1 days faster than the same month a year earlier. The quickest market among the state's largest cities was Short Hills at 10 days. Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.

How does New Jersey compare to neighboring states?

New Jersey's typical home value of $580,353 compares with New York at $526,714, Pennsylvania at $290,401, Delaware at $406,074. The U.S. typical home value is $368,697, putting New Jersey 57.4% above the national figure. New York and Pennsylvania and Delaware are cheaper on a typical-value basis.

Is now a good time to buy in New Jersey?

That depends on your timeline, not the headline. The measurable inputs today: a 30-year fixed rate of 7.03%, 3.3 months of supply statewide (Redfin, through May 2026), active listings +2.5% year over year, and home values +3.9% over the past year. Buyers with a five-year-plus horizon are mostly exposed to the payment, not the price, so the rate you can qualify for matters more than the month you buy. Properties Incorporated is an independent data platform, not a brokerage or lender — this is information, not advice.

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