Home Values

Essex County 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

$317,500

  • 8.5% 1-year change
  • 1.6% 1-year forecast

The median home value in Essex County is $317,500. Essex County home values have gone up 8.5% over the past year and Zillow predicts they will rise 1.6% within the next year. The median list price per square foot in Essex County is $168, which is lower than the New York Metro average of $251. The median price of homes currently listed in Essex County is $285,000 while the median price of homes that sold is $341,911. The median rent price in Essex County is $1,300, which is lower than the New York Metro median of $2,350.

Foreclosures will be a factor impacting home values in the next several years. In Essex County 0.2 homes are foreclosed (per 10,000). This is lower than the New York Metro value of 1.5 and also lower than the national value of 4.2

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 Essex County is 27.7%, 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 Essex County homeowners underwater on their mortgage is 22.1%, which is higher than New York Metro at 13.6%.

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Relative ZHVI
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Essex County Market Overview

Data through Nov 30, 2014
  • $317,500 ZHVI
  • 1.6% 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
    (Nov 30, 2015)
  • $285,000 Median listing price
  • $341,911 Median sale price (Oct 31, 2014)
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Essex County Market Health

Data through Nov 30, 2014
  • 2.3/10 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.
  • 142 Average days on Zillow (Oct 31, 2014)
  • 22.1% Homes with negative equity (16.9% US Avg) (Sep 30, 2014)
  • 27.7% Delinquent on mortgage (6.4% US Avg) (Sep 30, 2014)

Homes foreclosed (per 10,000)

0.2 homes(Oct 31, 2014) Essex County
1.5 homes New York Metro
4.2 homes United States
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Nearby Counties

Name Median ZHVI
New York County $1,258,700
Kings County $636,100
Bergen County $423,200
Name Median ZHVI
Morris County $418,800
Richmond County $401,800
Hudson County $322,400
Name Median ZHVI
Bronx County $320,200
Union County $299,700
Passaic County $290,800

Listings & Sales

Data through Nov 30, 2014
  • $168 Median list price / sq ft
  • $203 Median sale price / sq ft (Oct 31, 2014)
  • No data Listings with price cut
27.3%
Sold below listing
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Essex County Rentals

Data through Nov 30, 2014
  • Zillow Rent Index

  • $1,780 Essex County
    $2,329 New York Metro
    $1,342 United States

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

  • 3.6 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
  • $1.06 Rent list price / sq ft
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