Parsippany, NJ 07054 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Parsippany, NJ—07054

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$745,000

2.9% YoY Growth

Household Income

$108,000

14.0% YoY Growth

Days on Market

68.0% Longer YoY

Home Price Forecast

1.6%

Median Rent

$3,900

3.8% YoY Growth

1-Bed Rent

$1,860

8.8% YoY Growth

2-Bed Rent

$2,450

6.2% YoY Growth

3-Bed Rent

$3,900

2.1% YoY Growth

Home Price Trends — Parsippany, NJ

As of May '26, the median home price in Parsippany, NJ is $745,000, with a year-over-year change of 2.9%. This indicates that home prices in Parsippany, NJ are increasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$745,000	2.9%
Single Family	$749,000	3.0%
Condos	$517,000	2.6%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

3.7%

1 Bedroom

63.2%

2 Bedrooms

26.5%

3 Bedrooms

3.2%

4 Bedrooms

3.3%

5+ Bedrooms

0.1%

Property Listings — Parsippany, NJ

As of May '26, Realtor.com reports that the median days on market for a home in Parsippany, NJ is 42. This is a increase of 68.0% 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 9.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$750,000	9.0%
Listing Count	44	20.0%
Listings as % of Homes	0.2%	20.0%
Days on Market	42	68.0%

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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%

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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%

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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%

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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

Parsippany, NJ—07054

Key Metrics at a Glance

Home Price Trends — Parsippany, NJ

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Parsippany, NJ

% of Rental Stock

Property Listings — Parsippany, NJ

Demographics — Parsippany, NJ

Race and Ethnicity

Mortgage and Risk — Parsippany, NJ

Mortgages

Rentals and Section 8 — Parsippany, NJ

Section 8 Market Size

Section 8 Opportunity

Affordability — Parsippany, NJ

Home Price to Income Ratio

Parsippany, NJ — ZIP Code Boundary Map

Nearby ZIP Codes

Lake Hiawatha, NJ

Whippany, NJ

Mountain Lakes, NJ

East Hanover Township, NJ

Pine Brook, NJ

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	5.5
Median Home Price	$745,000
Median Household Income	$108,000

Parsippany, NJ—07054

Key Metrics at a Glance

Home Price Trends — Parsippany, NJ

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Parsippany, NJ

% of Rental Stock

Property Listings — Parsippany, NJ

Demographics — Parsippany, NJ

Race and Ethnicity

Mortgage and Risk — Parsippany, NJ

Mortgages

Rentals and Section 8 — Parsippany, NJ

Section 8 Market Size

Section 8 Opportunity

Affordability — Parsippany, NJ

Home Price to Income Ratio

Parsippany, NJ — ZIP Code Boundary Map

Nearby ZIP Codes

Lake Hiawatha, NJ

Whippany, NJ

Mountain Lakes, NJ

East Hanover Township, NJ

Pine Brook, NJ

Frequently Asked Questions

What is the average home price in Parsippany, NJ 07054?

How have home prices in Parsippany, NJ 07054 changed over the past year?

What is the home price projection for Parsippany, NJ 07054?

What are the demographics of Parsippany, NJ 07054?

How long does it take homes to sell in Parsippany, NJ 07054?

What is the average rent price in Parsippany, NJ 07054?