Carteret, NJ—07008
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Carteret, NJ
As of Oct '25, the median home price in Carteret, NJ is $536,000, with a year-over-year change of 3.1%. This indicates that home prices in Carteret, NJ are increasing. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $536,000 | 3.1% |
| Single Family | $537,000 | 2.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $524,000 | 3.4% |
4 Bed | $572,000 | 3.1% |
| 5 Bed | N/A | N/A |
% of Housing Stock
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.
| Type | Median Rent | Average 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 |
% of Rental Stock
Property Listings — Carteret, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Carteret, NJ is 35. This is a increase of 12.0% from last year, suggesting that homes are sitting on the market longer 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.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $546,000 | -3.0% |
Listing Count | 48 | 15.0% |
| Listings as % of Homes | 0.6% | 15.0% |
Days on Market | 35 | 12.0% |
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.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 25,200 | 6.5% |
% Under 18 | 22.2% | -5.1% |
% Seniors | 15.1% | 26.9% |
% WFH | 9.2% | 557.1% |
% w/ College Degree | 27.7% | 13.1% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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% |
Loan Activity
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 Size | HUD Premium | Market Rent | Max 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
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5 |
| Median Home Price | $536,000 |
| Median Household Income | $87,700 |