Home Values

07208 Home Prices & Values

Zillow Home Value Index

The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

$253,800

  • 9.3% 1-year change
  • 1.4% 1-year forecast

The median home value in 07208 is $253,800. 07208 home values have gone up 9.3% over the past year and Zillow predicts they will rise 1.4% within the next year. The median price of homes currently listed in 07208 is $249,000 while the median price of homes that sold is $240,750. The median rent price in 07208 is $1,300, which is higher than the Elizabeth median of $1,250.

Foreclosures will be a factor impacting home values in the next several years. In 07208 2.1 homes are foreclosed (per 10,000). This is lower than the Elizabeth value of 5.7 and also lower than the national value of 4.0

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in 07208 is 25.8%, which is higher than the national value of 6.4%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of 07208 homeowners underwater on their mortgage is 31.2%, which is lower than Elizabeth at 37.4%.

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Relative ZHVI
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07208 Market Overview

Data through Jan 31, 2015
  • $253,800 ZHVI
  • 1.4% 1-yr forecast
    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more
    (Jan 31, 2016)
  • $249,000 Median listing price
  • $240,750 Median sale price (Dec 31, 2014)
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07208 Market Health

Data through Jan 31, 2015
  • 3.6/10 Less healthy
    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.
    (Dec 31, 2014)
  • No data Average days on Zillow
  • 31.2% Homes with negative equity (16.9% US Avg) (Sep 30, 2014)
  • 25.8% Delinquent on mortgage (6.4% US Avg) (Sep 30, 2014)

Homes foreclosed (per 10,000)

2.1 homes 07208
5.7 homes Elizabeth
4 homes United States
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Nearby Zip Codes

Name Median ZHVI
07083 $270,900
07202 $243,600
07204 $234,800
Name Median ZHVI
07201 $227,900
07112 $203,600
07205 $201,000
Name Median ZHVI
07206 $200,200
07203 $164,700
07111 $152,500

Listings & Sales

Data through Dec 31, 2014
  • No recent data Median list price / sq ft
  • No recent data Median sale price / sq ft
  • No data Listings with price cut
18.8%
Sold below listing
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07208 Rentals

Data through Jan 31, 2015
  • Zillow Rent Index

  • $1,784 07208
    $1,691 Elizabeth
    $1,350 United States

    The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more

  • 1.9 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Jun 30, 2014)
  • $1,300 Rent list price
  • $1.58 Rent list price / sq ft
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