Cranford, NJ—07016
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Cranford, NJ
As of Oct '25, the median home price in Cranford, NJ is $741,000, with a year-over-year change of 5.3%. This indicates that home prices in Cranford, NJ are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $741,000 | 5.4% |
| Single Family | $753,000 | 5.2% |
| Condos | $448,000 | -2.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $323,000 | 0.3% |
2 Bed | $463,000 | 2.2% |
3 Bed | $735,000 | 3.5% |
4 Bed | $874,000 | 4.4% |
| 5 Bed | $1,101,000 | 5.4% |
% of Housing Stock
Rental Trends — Cranford, NJ
As of July '25, Rentcast reports the average rent in Cranford, NJ is $2,860, with a year-over-year rent change of -0.7%. Per bedroom, the median rent as of July '25 in Cranford, NJ is studios: $2,480, 1-bedrooms: $2,290, 2-bedrooms: $2,940, 3-bedrooms: $3,460, 4-bedrooms: $4,350. The most common rental property sizes in Cranford, NJ are 1-bedroom and 2-bedroom, accounting for 31.2% and 30.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,800 | $2,860 |
| Studio Rent | $2,480 | $2,480 |
| 1 Bed Rent | $2,200 | $2,290 |
| 2 Bed Rent | $2,900 | $2,940 |
| 3 Bed Rent | $2,960 | $3,460 |
| 4 Bed Rent | $4,200 | $4,350 |
% of Rental Stock
Property Listings — Cranford, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Cranford, NJ is 27. This is a increase of 40.0% 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 11.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $729,000 | 5.0% |
Listing Count | 36 | 3.0% |
| Listings as % of Homes | 0.2% | 3.0% |
Days on Market | 27 | 40.0% |
Demographics — Cranford, NJ
As of the latest ACS Survey released in 2023, Cranford, NJ has a population of 23,800, which has remained stable by -0.2% over the past 5 years. Cranford, NJ is a moderately popular place for families, as children make up 22.5% of the population. The area has a highly educated workforce, with 64.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 22.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 23,800 | -0.2% |
% Under 18 | 22.5% | -4.7% |
% Seniors | 19.7% | 8.2% |
% WFH | 22.7% | 320.4% |
% w/ College Degree | 64.8% | 15.3% |
As of the latest ACS Survey released in 2023, Cranford, NJ is a predominantly white area, with 84.6% of the population identifying as white. The white population has grown by 4.6% in the last 5 years. The second most common race or ethnicity in Cranford, NJ is hispanic, making up 7.4% of the population. Foreign-born residents account for 10.0% of the population in Cranford, NJ, and this percentage has decreased by 7.4% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 84.6% | 4.6% |
% Black | 2.3% | -8.0% |
% Hispanic | 7.4% | -26.7% |
% Asian | 3.0% | -9.1% |
% Foreign Born | 10.0% | -7.4% |
Mortgage and Risk — Cranford, NJ
According to HUD data as of 2023, there were 380 mortgage originations in Cranford, NJ, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 8.0% above 90% LTV (normal). This implies small mortgage risk in Cranford, NJ. Investor activity is low, as 1.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 380 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Cranford, NJ
As of 2024, the percent of homes in Cranford, NJ under the Section 8 program is 7.0%. This is considered low, suggesting that the neighborhood is sparsely 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 Cranford, 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 | 141 |
Total Units Section 8 | 141 |
% Rentals under Section 8 | 7.0% |
% Occupied Section 8 | 95.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$20 | $2,200 | $2,180 |
| 2 Bedroom | -$260 | $2,900 | $2,640 |
| 3 Bedroom | $360 | $2,960 | $3,320 |
| 4 Bedroom | -$420 | $4,200 | $3,780 |
Affordability — Cranford, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.2 |
| Median Home Price | $741,000 |
| Median Household Income | $149,000 |