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Fanwood, NJ—07023

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$813,000
6.0% YoY Growth
Household Income
$177,000
32.4% YoY Growth
Days on Market
22
11.0% Shorter YoY
Home Price Forecast
1.3%
Median Rent
$3,000
1.0% YoY Growth
1-Bed Rent
$2,300
1.7% YoY Growth
2-Bed Rent
$3,000
2.3% YoY Growth
3-Bed Rent
N/A
N/A
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Fanwood, NJ

As of May '26, the median home price in Fanwood, NJ is $813,000, with a year-over-year change of 6.0%. This indicates that home prices in Fanwood, NJ are increasing. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$813,0006.0%
Single Family $814,0005.6%
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
    		$794,0005.2%
    4 Bed
    		$880,0005.4%
    5 Bed N/AN/A
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    % of Housing Stock

    Studio
    1.6%
    1 Bedroom
    3.6%
    2 Bedrooms
    9.7%
    3 Bedrooms
    43.9%
    4 Bedrooms
    30.2%
    5+ Bedrooms
    11.0%

    Rental Trends — Fanwood, NJ

    As of July '25, Rentcast reports the average rent in Fanwood, NJ is $2,990, with a year-over-year rent change of -1.0%. Per bedroom, the median rent as of July '25 in Fanwood, NJ is 1-bedrooms: $2,420, 2-bedrooms: $2,970, 4-bedrooms: $4,200. The most common rental property sizes in Fanwood, NJ are 2-bedroom and 1-bedroom, accounting for 44.7% and 26.9% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$3,000$2,990
    Studio Rent N/AN/A
    1 Bed Rent $2,300$2,420
    2 Bed Rent $3,000$2,970
    3 Bed Rent N/AN/A
    4 Bed Rent $3,900$4,200
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    % of Rental Stock

    Studio
    11.7%
    1 Bedroom
    26.9%
    2 Bedrooms
    44.7%
    3 Bedrooms
    12.0%
    4 Bedrooms
    4.8%

    Property Listings — Fanwood, NJ

    As of May '26, Realtor.com reports that the median days on market for a home in Fanwood, NJ is 22. This is a decrease of -11.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$800,000-6.0%
    Listing Count
    		2129.0%
    Listings as % of Homes0.4%29.0%
    Days on Market
    		22-11.0%
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    Demographics — Fanwood, NJ

    As of the latest ACS Survey released in 2023, Fanwood, NJ has a population of 7,710, which has increased by 1.5% over the past 5 years. Fanwood, NJ is a moderately popular place for families, as children make up 23.7% of the population. The area has a highly educated workforce, with 71.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 24.7% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		7,7101.5%
    % Under 18
    		23.7%-15.4%
    % Seniors
    		16.6%4.4%
    % WFH
    		24.7%225.0%
    % w/ College Degree
    		71.2%11.8%
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    As of the latest ACS Survey released in 2023, Fanwood, NJ is a predominantly white area, with 69.8% of the population identifying as white. The white population has shrunk by 13.1% in the last 5 years. The second most common race or ethnicity in Fanwood, NJ is hispanic, making up 11.4% of the population. Foreign-born residents account for 17.6% of the population in Fanwood, NJ, and this percentage has increased by 33.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		69.8%-13.1%
    % Black
    		4.3%19.4%
    % Hispanic
    		11.4%42.5%
    % Asian
    		8.3%33.9%
    % Foreign Born
    		17.6%33.3%
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    Mortgage and Risk — Fanwood, NJ

    According to HUD data as of 2023, there were 139 mortgage originations in Fanwood, NJ, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 14.0% above 90% LTV (elevated). This implies medium mortgage risk in Fanwood, NJ. Investor activity is low, as 1.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		139
    % Conventional Loans
    		93.0%
    % Government Loans
    		7.0%
    % Investor Loans
    		1.0%
    % Second Loans
    		0.0%
    % Cash Out Refinance
    		9.0%
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    Rentals and Section 8 — Fanwood, NJ

    Fanwood, NJ lacks sufficient Section 8 program data for analysis.

    Section 8 Market Size

    Total Units under HUD
    		11
    Total Units Section 8
    		11
    % Rentals under Section 8
    		2.7%
    % Occupied Section 8
    		N/A

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$200$2,300$2,500
    2 Bedroom$20$3,000$3,020
    3 BedroomN/AN/A$3,800
    4 Bedroom$430$3,900$4,330

    Affordability — Fanwood, NJ

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio3.6
    Median Home Price$813,000
    Median Household Income$177,000

    Fanwood, NJ — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    Frequently Asked Questions