Verona, NJ—07044
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Verona, NJ
As of Oct '25, the median home price in Verona, NJ is $727,000, with a year-over-year change of 3.9%. This indicates that home prices in Verona, 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 Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $727,000 | 3.9% |
| Single Family | $772,000 | 3.3% |
| Condos | $386,000 | 2.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $314,000 | 2.3% |
2 Bed | $561,000 | 5.1% |
3 Bed | $764,000 | 3.4% |
4 Bed | $890,000 | 3.4% |
| 5 Bed | $1,162,000 | 2.7% |
% of Housing Stock
Rental Trends — Verona, NJ
As of July '25, Rentcast reports the average rent in Verona, NJ is $2,840, with a year-over-year rent change of 5.2%. Per bedroom, the median rent as of July '25 in Verona, NJ is 1-bedrooms: $2,420, 2-bedrooms: $2,880, 3-bedrooms: $3,550, 4-bedrooms: $4,270. The most common rental property sizes in Verona, NJ are 1-bedroom and 2-bedroom, accounting for 47.3% and 35.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,480 | $2,840 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,120 | $2,420 |
| 2 Bed Rent | $2,500 | $2,880 |
| 3 Bed Rent | $3,900 | $3,550 |
| 4 Bed Rent | $4,000 | $4,270 |
% of Rental Stock
Property Listings — Verona, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Verona, NJ is 47. This is a decrease of -1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 12.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $671,000 | 3.0% |
Listing Count | 52 | 30.0% |
| Listings as % of Homes | 0.5% | 30.0% |
Days on Market | 47 | -1.0% |
Demographics — Verona, NJ
As of the latest ACS Survey released in 2023, Verona, NJ has a population of 14,400, which has increased by 6.0% over the past 5 years. Verona, NJ is a moderately popular place for families, as children make up 24.5% of the population. The area has a highly educated workforce, with 67.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 22.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 14,400 | 6.0% |
% Under 18 | 24.5% | 10.9% |
% Seniors | 21.7% | 6.9% |
% WFH | 22.0% | 254.8% |
% w/ College Degree | 67.8% | 5.4% |
As of the latest ACS Survey released in 2023, Verona, NJ is a predominantly white area, with 82.7% of the population identifying as white. The white population has shrunk by 1.5% in the last 5 years. The second most common race or ethnicity in Verona, NJ is hispanic, making up 7.6% of the population. Foreign-born residents account for 9.9% of the population in Verona, NJ, and this percentage has decreased by 32.7% 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 | 82.7% | -1.5% |
% Black | 1.3% | -18.8% |
% Hispanic | 7.6% | 16.9% |
% Asian | 3.6% | -40.0% |
% Foreign Born | 9.9% | -32.7% |
Mortgage and Risk — Verona, NJ
According to HUD data as of 2023, there were 226 mortgage originations in Verona, NJ, of which 97.0% of loans were conventional mortgages. The average loan-to-value was 55.0%, with 13.0% above 90% LTV (elevated). This implies medium mortgage risk in Verona, NJ. Investor activity is low, as 1.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 226 |
% Conventional Loans | 97.0% |
% Government Loans | 3.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Verona, NJ
As of 2024, the percent of homes in Verona, NJ under the Section 8 program is 12.4%. 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. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Verona, NJ, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 163 |
Total Units Section 8 | 160 |
% Rentals under Section 8 | 12.4% |
% Occupied Section 8 | 100.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $70 | $2,120 | $2,190 |
| 2 Bedroom | $150 | $2,500 | $2,650 |
| 3 Bedroom | -$560 | $3,900 | $3,340 |
| 4 Bedroom | -$200 | $4,000 | $3,800 |
Affordability — Verona, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.7 |
| Median Home Price | $727,000 |
| Median Household Income | $159,000 |