Parsippany, NJ—07054
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Parsippany, NJ
As of Oct '25, the median home price in Parsippany, NJ is $704,000, with a year-over-year change of 3.2%. This indicates that home prices in Parsippany, NJ are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $704,000 | 3.2% |
| Single Family | $708,000 | 2.5% |
| Condos | $489,000 | 4.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $502,000 | 5.9% |
3 Bed | $665,000 | 4.1% |
4 Bed | $777,000 | 4.4% |
| 5 Bed | $861,000 | 5.0% |
% of Housing Stock
Rental Trends — Parsippany, NJ
As of July '25, Rentcast reports the average rent in Parsippany, NJ is $3,320, with a year-over-year rent change of 3.8%. Per bedroom, the median rent as of July '25 in Parsippany, NJ is studios: $2,290, 1-bedrooms: $1,860, 2-bedrooms: $2,720, 3-bedrooms: $3,840, 4-bedrooms: $4,170. The most common rental property sizes in Parsippany, NJ are 1-bedroom and 2-bedroom, accounting for 63.2% and 26.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,900 | $3,320 |
| Studio Rent | $2,220 | $2,290 |
| 1 Bed Rent | $1,860 | $1,860 |
| 2 Bed Rent | $2,450 | $2,720 |
| 3 Bed Rent | $3,900 | $3,840 |
| 4 Bed Rent | $4,000 | $4,170 |
% of Rental Stock
Property Listings — Parsippany, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Parsippany, NJ is 31. This is a decrease of -7.0% 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.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $750,000 | 3.0% |
Listing Count | 42 | -14.0% |
| Listings as % of Homes | 0.2% | -14.0% |
Days on Market | 31 | -7.0% |
Demographics — Parsippany, NJ
As of the latest ACS Survey released in 2023, Parsippany, NJ has a population of 30,100, which has increased by 2.1% over the past 5 years. Parsippany, NJ is a moderately popular place for families, as children make up 17.8% of the population. The area has a highly educated workforce, with 60.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 30,100 | 2.1% |
% Under 18 | 17.8% | -3.3% |
% Seniors | 18.1% | 7.7% |
% WFH | 17.3% | 302.3% |
% w/ College Degree | 60.6% | 6.3% |
As of the latest ACS Survey released in 2023, Parsippany, NJ is a predominantly white area, with 44.0% of the population identifying as white. The white population has grown by 1.1% in the last 5 years. The second most common race or ethnicity in Parsippany, NJ is asian, making up 42.3% of the population. Foreign-born residents account for 40.6% of the population in Parsippany, NJ, and this percentage has decreased by 5.4% 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 | 44.0% | 1.1% |
% Black | 3.6% | -16.3% |
% Hispanic | 8.1% | -29.6% |
% Asian | 42.3% | 8.7% |
% Foreign Born | 40.6% | -5.4% |
Mortgage and Risk — Parsippany, NJ
According to HUD data as of 2023, there were 252 mortgage originations in Parsippany, NJ, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 9.0% above 90% LTV (normal). This implies small mortgage risk in Parsippany, NJ. Investor activity is low, as 0.0% 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 | 252 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Parsippany, NJ
As of 2024, the percent of homes in Parsippany, NJ under the Section 8 program is 9.1%. 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 units appear to be good home sizes to consider for Section 8 housing in Parsippany, NJ, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 564 |
Total Units Section 8 | 552 |
% Rentals under Section 8 | 9.1% |
% Occupied Section 8 | 97.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $120 | $1,860 | $1,980 |
| 2 Bedroom | -$50 | $2,450 | $2,400 |
| 3 Bedroom | -$880 | $3,900 | $3,020 |
| 4 Bedroom | -$560 | $4,000 | $3,440 |
Affordability — Parsippany, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.4 |
| Median Home Price | $704,000 |
| Median Household Income | $108,000 |