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Carteret, NJ—07008

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$559,000
5.1% YoY Growth
Household Income
$87,700
17.5% YoY Growth
Days on Market
25
28.0% Shorter YoY
Home Price Forecast
0.7%
Median Rent
$2,350
9.4% YoY Growth
1-Bed Rent
$2,000
7.0% YoY Growth
2-Bed Rent
$2,300
14.1% YoY Growth
3-Bed Rent
$2,600
6.0% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Carteret, NJ

As of May '26, the median home price in Carteret, NJ is $559,000, with a year-over-year change of 5.1%. This indicates that home prices in Carteret, NJ are increasing. According to Zillow, the 1-year price projection is 0.7%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$559,0005.1%
Single Family $561,0005.3%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		N/AN/A
    3 Bed
    		$544,0006.0%
    4 Bed
    		$591,0004.4%
    5 Bed N/AN/A
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    % of Housing Stock

    Studio
    1.5%
    1 Bedroom
    11.9%
    2 Bedrooms
    27.4%
    3 Bedrooms
    34.1%
    4 Bedrooms
    23.2%
    5+ Bedrooms
    1.9%

    Rental Trends — Carteret, NJ

    As of July '25, Rentcast reports the average rent in Carteret, NJ is $2,520, with a year-over-year rent change of -9.4%. Per bedroom, the median rent as of July '25 in Carteret, NJ is studios: $1,900, 1-bedrooms: $2,120, 2-bedrooms: $2,200, 3-bedrooms: $2,650, 4-bedrooms: $3,310. The most common rental property sizes in Carteret, NJ are 2-bedroom and 1-bedroom, accounting for 40.3% and 22.7% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$2,350$2,520
    Studio Rent $1,900$1,900
    1 Bed Rent $2,000$2,120
    2 Bed Rent $2,300$2,200
    3 Bed Rent $2,600$2,650
    4 Bed Rent $3,400$3,310
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    % of Rental Stock

    Studio
    2.4%
    1 Bedroom
    22.7%
    2 Bedrooms
    40.3%
    3 Bedrooms
    22.6%
    4 Bedrooms
    11.5%
    5+ Bedrooms
    0.5%

    Property Listings — Carteret, NJ

    As of May '26, Realtor.com reports that the median days on market for a home in Carteret, NJ is 25. This is a decrease of -28.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 8.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$585,0002.0%
    Listing Count
    		5315.0%
    Listings as % of Homes0.6%15.0%
    Days on Market
    		25-28.0%
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    Demographics — Carteret, NJ

    As of the latest ACS Survey released in 2023, Carteret, NJ has a population of 25,200, which has increased by 6.5% over the past 5 years. Carteret, NJ is a moderately popular place for families, as children make up 22.2% of the population. The area has a moderately educated workforce, with 27.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.2% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		25,2006.5%
    % Under 18
    		22.2%-5.1%
    % Seniors
    		15.1%26.9%
    % WFH
    		9.2%557.1%
    % w/ College Degree
    		27.7%13.1%
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    As of the latest ACS Survey released in 2023, Carteret, NJ is a predominantly hispanic area, with 34.0% of the population identifying as hispanic. The hispanic population has shrunk by 4.0% in the last 5 years. The second most common race or ethnicity in Carteret, NJ is asian, making up 24.4% of the population. Foreign-born residents account for 34.7% of the population in Carteret, NJ, and this percentage has increased by 8.4% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		22.4%-18.5%
    % Black
    		17.3%4.2%
    % Hispanic
    		34.0%-4.0%
    % Asian
    		24.4%16.2%
    % Foreign Born
    		34.7%8.4%
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    Mortgage and Risk — Carteret, NJ

    According to HUD data as of 2023, there were 245 mortgage originations in Carteret, NJ, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 81.0%, with 31.0% above 90% LTV (very high). This implies large mortgage risk in Carteret, NJ. Investor activity is low, as 1.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		245
    % Conventional Loans
    		80.0%
    % Government Loans
    		20.0%
    % Investor Loans
    		1.0%
    % Second Loans
    		0.0%
    % Cash Out Refinance
    		12.0%
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    Rentals and Section 8 — Carteret, NJ

    As of 2024, the percent of homes in Carteret, NJ under the Section 8 program is 23.1%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Carteret, NJ, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 4-bedroom units do not.

    Section 8 Market Size

    Total Units under HUD
    		914
    Total Units Section 8
    		864
    % Rentals under Section 8
    		23.1%
    % Occupied Section 8
    		85.8%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom-$170$2,000$1,830
    2 Bedroom$0$2,300$2,300
    3 Bedroom$170$2,600$2,770
    4 Bedroom-$350$3,400$3,050

    Affordability — Carteret, NJ

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio5.1
    Median Home Price$559,000
    Median Household Income$87,700

    Carteret, NJ — ZIP Code Boundary Map

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    Frequently Asked Questions