New Jersey Housing Market Trends

Real-time market data powered by Zillow Research. Last updated: 2026-04-02

Northern New Jersey continues to see strong demand from New York City workers, especially since hybrid work arrangements have made longer commutes more tolerable. Hoboken and Jersey City's waterfront developments offer urban living at a slight discount to Manhattan. The suburban markets of Bergen County, Morris County, and Somerset County appeal to families seeking top schools. Southern New Jersey offers substantially more affordable options, with communities like Cherry Hill, Marlton, and Medford providing quality suburban living at a fraction of northern prices.

By BuyAHomeIn Editorial | Updated 2026-03-02 | Sources: Zillow Research, U.S. Census

Is Now a Good Time to Buy in New Jersey?

The New Jersey housing market is showing balanced conditions.

home values have grown a moderate 3.4% year-over-year. there are currently 749 homes on the market.

Median Home Value

$558,900

Zillow Home Value Index

Year-over-Year

+3.4%

Home value change

5-Year Change

+42.9%

Since 2021

Median Rent

$2,129/mo

Zillow Observed Rent Index

Active Listings

749

Homes for sale

Home Value Trends

5-year Zillow Home Value Index (ZHVI) for New Jersey vs. national average. ZHVI reflects the typical home value in the 35th-65th percentile range.

Rent Trends

Average rent in New Jersey: $2,129/mo (+6.1% YoY)

Rent vs. Buy Analysis

With a median home value of $558,900 and average rent of $2,129/mo, the price-to-rent ratio in New Jersey is 21.9. A ratio above 21 suggests renting may be more cost-effective.

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