New Jersey Home Prices & Values

$281,400 Zillow Home Value Index What's This?  
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The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

  • 5.5% 1-year change
  • 2.1% 1-year forecast

The median home value in New Jersey is $281,400. New Jersey home values have gone up 5.5% over the past year and Zillow predicts they will rise 2.1% within the next year. The median list price per square foot in New Jersey is $172. The median price of homes currently listed in New Jersey is $294,500 while the median price of homes that sold is $307,750. The median rent price in New Jersey is $1,800.

Foreclosures will be a factor impacting home values in the next several years. In New Jersey 1.8 homes are foreclosed (per 10,000). This is lower than the national value of 4.3

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 New Jersey is 17.5%, which is higher than the national value of 6.9%. 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 New Jersey homeowners underwater on their mortgage is 19.9%.

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Relative ZHVI
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New Jersey Market Overview

Data through Aug 31, 2014
  • $281,400 ZHVI
  • 2.1% 1-yr forecast What's This?  
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    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more

    (Aug 31, 2015)
  • $294,500 Median listing price
  • $307,750 Median sale price
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New Jersey Market Health

Data through Aug 31, 2014
  • 4.3/10 Less healthy What's This?  
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    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.

  • No recent data Average days on Zillow
  • 19.9% Homes with negative equity (17.0% US Avg) (Jun 30, 2014)
  • 17.5% Delinquent on mortgage (6.9% US Avg) (Jun 30, 2014)

Homes foreclosed (per 10,000)

1.8 homes New Jersey
4.3 homes United States
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Cities in New Jersey

Name Median ZHVI Name Median ZHVI Name Median ZHVI
Edison $326,300 Clifton $289,200 Jersey City $276,600
Toms River $247,500 Lakewood Township $245,200 Elizabeth $223,800
Paterson $207,900 Newark $187,300 Trenton $89,000

Listings & Sales

Data through Aug 31, 2014
  • $172 Median list price / sq ft
  • $180 Median sale price / sq ft
  • 39.6% Listings with price cut
25.5%
Sold below listing
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New Jersey Rentals

Data through Aug 31, 2014
Zillow Rent Index What's This?
Close The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more
$1,955 New Jersey
$1,328 United States
  • No data Breakeven horizon
  • $1,800 Rent list price
  • $1.54 Rent list price / sq ft
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