Fanwood, NJ—07023
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Fanwood, NJ
As of Oct '25, the median home price in Fanwood, NJ is $768,000, with a year-over-year change of 4.7%. This indicates that home prices in Fanwood, NJ are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $768,000 | 4.7% |
| Single Family | $770,000 | 4.8% |
| 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 | $753,000 | 5.2% |
4 Bed | $837,000 | 4.9% |
| 5 Bed | N/A | N/A |
% of Housing Stock
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.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,000 | $2,990 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,300 | $2,420 |
| 2 Bed Rent | $3,000 | $2,970 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | $3,900 | $4,200 |
% of Rental Stock
Property Listings — Fanwood, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Fanwood, NJ is 13. This is a increase of 66.0% 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 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $790,000 | 16.0% |
Listing Count | 19 | 22.0% |
| Listings as % of Homes | 0.4% | 22.0% |
Days on Market | 13 | 66.0% |
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.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,710 | 1.5% |
% Under 18 | 23.7% | -15.4% |
% Seniors | 16.6% | 4.4% |
% WFH | 24.7% | 225.0% |
% w/ College Degree | 71.2% | 11.8% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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% |
Loan Activity
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 Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $200 | $2,300 | $2,500 |
| 2 Bedroom | $20 | $3,000 | $3,020 |
| 3 Bedroom | N/A | N/A | $3,800 |
| 4 Bedroom | $430 | $3,900 | $4,330 |
Affordability — Fanwood, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $768,000 |
| Median Household Income | $177,000 |