Springfield, NJ—07081
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Springfield, NJ
As of Oct '25, the median home price in Springfield, NJ is $698,000, with a year-over-year change of 4.6%. This indicates that home prices in Springfield, NJ are increasing. According to Zillow, the 1-year price projection is 0.9%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $698,000 | 4.6% |
| Single Family | $710,000 | 3.3% |
| Condos | $340,000 | 4.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $454,000 | 5.8% |
3 Bed | $670,000 | 4.0% |
4 Bed | $833,000 | 4.6% |
| 5 Bed | $996,000 | 4.3% |
% of Housing Stock
Rental Trends — Springfield, NJ
As of July '25, Rentcast reports the average rent in Springfield, NJ is $3,490, with a year-over-year rent change of 21.6%. Per bedroom, the median rent as of July '25 in Springfield, NJ is 1-bedrooms: $2,310, 2-bedrooms: $2,870, 3-bedrooms: $3,760, 4-bedrooms: $5,390. The most common rental property sizes in Springfield, NJ are 2-bedroom and 1-bedroom, accounting for 44.0% and 40.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,000 | $3,490 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,200 | $2,310 |
| 2 Bed Rent | $2,820 | $2,870 |
| 3 Bed Rent | $3,600 | $3,760 |
| 4 Bed Rent | $5,300 | $5,390 |
% of Rental Stock
Property Listings — Springfield, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Springfield, NJ is 28. This is a increase of 13.0% 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 | $650,000 | -8.0% |
Listing Count | 44 | 15.0% |
| Listings as % of Homes | 0.4% | 15.0% |
Days on Market | 28 | 13.0% |
Demographics — Springfield, NJ
As of the latest ACS Survey released in 2023, Springfield, NJ has a population of 17,000, which has decreased by -2.4% over the past 5 years. Springfield, NJ is a moderately popular place for families, as children make up 21.5% of the population. The area has a highly educated workforce, with 64.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 20.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 17,000 | -2.4% |
% Under 18 | 21.5% | 5.9% |
% Seniors | 16.5% | -13.6% |
% WFH | 20.4% | 374.4% |
% w/ College Degree | 64.4% | 4.5% |
As of the latest ACS Survey released in 2023, Springfield, NJ is a predominantly white area, with 57.4% of the population identifying as white. The white population has shrunk by 14.7% in the last 5 years. The second most common race or ethnicity in Springfield, NJ is hispanic, making up 18.8% of the population. Foreign-born residents account for 26.1% of the population in Springfield, NJ, and this percentage has increased by 10.6% 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 | 57.4% | -14.7% |
% Black | 11.2% | 25.8% |
% Hispanic | 18.8% | 75.7% |
% Asian | 10.9% | 10.1% |
% Foreign Born | 26.1% | 10.6% |
Mortgage and Risk — Springfield, NJ
According to HUD data as of 2023, there were 212 mortgage originations in Springfield, NJ, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 13.0% above 90% LTV (elevated). This implies medium mortgage risk in Springfield, NJ. Investor activity is low, as 1.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 212 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Springfield, NJ
As of 2024, the percent of homes in Springfield, NJ under the Section 8 program is 7.6%. 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 and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Springfield, NJ, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 213 |
Total Units Section 8 | 200 |
% Rentals under Section 8 | 7.6% |
% Occupied Section 8 | 95.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $180 | $2,200 | $2,380 |
| 2 Bedroom | $60 | $2,820 | $2,880 |
| 3 Bedroom | $30 | $3,600 | $3,630 |
| 4 Bedroom | -$1,180 | $5,300 | $4,120 |
Affordability — Springfield, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $698,000 |
| Median Household Income | $146,000 |