Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$575,123+4.0% YoY · prices are rising fast
Market right nowBalanced marketMore homes for sale than last year, 15% have cut their price
Income needed to buy, per year$124,675About 1.2× the local median income ($104,202): a stretch for a typical household
Days on market45 daysAbout the same pace as a year ago
Next 12 months+1.7%Zillow expects prices to rise slightly
The typical home in New Jersey is worth $575,123, up 4.0% from a year ago. That is well above what local incomes have historically supported: fair value is about $508,064, so the area is 13.2% overvalued. It is a balanced market: homes take about 45 days to sell, listings are up 24% from a year ago, 15% of listings have had a price cut. Zillow expects prices to rise about 1.7% over the next year. A household needs about $124,675 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $104,202. In the latest IRS figures, 32,245 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$575,123
Change in 1 year
+4.0%
Overvalued %
+13.2%
Show 7 more
Fair home value
$508,064
Change in 5 years
+35.2%
Zillow forecast, next 12 months
+1.7%
Home value to income
5.5×
Monthly mortgage payment (20% down)
$3,117
Income needed to afford it
$124,675
Property tax rate
2.11%
Rent and investing
HUD Fair Market Rent, 2 bedrooms
$2,268
Market activity
Listings vs a year ago
+23.6%
Days on market
45
Listings with a price cut
15.1%
Show 3 more
Homes for sale
21,759
Pending sales per 100 listings
47
Asking price per sq ft
$311
People and jobs
Median household income
$104,202
Population change (1 year)
+0.4%
Unemployment rate
6.3%
Show 4 more
Population
9,548,215
Income adjusted for cost of living
$95,774
Net moves in (IRS)
−32,245
Cost of living (US = 100)
108.8
Schools, risk and environment
FEMA hazard risk score (0 to 100)
94.4
Unhealthy air days a year
3
Flood risk score
96.6
Show 3 more
Wildfire risk score
50.5
Walkability (1 to 20)
11.6
Road, rail and air noise
53 dB
Questions people ask
Is New Jersey overvalued?
Home prices in New Jersey are well above what local incomes have historically supported: fair value is about $508,064, so the area is 13.2% overvalued.
Is New Jersey a buyer's or seller's market?
New Jersey is a balanced market: homes take about 45 days to sell, listings are up 24% from a year ago, 15% of listings have had a price cut.
Are home prices going down in New Jersey?
Home values in New Jersey are up 4.0% over the last year. Zillow's forecast for the next 12 months is +1.7%.
How much do you need to earn to buy a home in New Jersey?
A household needs about $124,675 a year to afford the typical home in New Jersey at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $104,202.