Springfield, NJ 07081 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Springfield, NJ—07081

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$690,000

4.0% YoY Growth

Household Income

$146,000

27.8% YoY Growth

Days on Market

2.0% Longer YoY

Home Price Forecast

1.5%

Median Rent

$3,000

21.6% YoY Growth

1-Bed Rent

$2,200

7.4% YoY Growth

2-Bed Rent

$2,820

1.7% YoY Growth

3-Bed Rent

$3,600

2.6% YoY Growth

Home Price Trends — Springfield, NJ

As of Dec '25, the median home price in Springfield, NJ is $690,000, with a year-over-year change of 4.0%. This indicates that home prices in Springfield, NJ are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$690,000	4.0%
Single Family	$703,000	3.1%
Condos	$336,000	3.4%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

5.5%

1 Bedroom

40.3%

2 Bedrooms

44.0%

3 Bedrooms

6.8%

4 Bedrooms

3.4%

Property Listings — Springfield, NJ

As of Dec '25, Realtor.com reports that the median days on market for a home in Springfield, NJ is 44. This is a increase of 25.0% 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 10.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$599,000	5.0%
Listing Count	34	31.0%
Listings as % of Homes	0.4%	31.0%
Days on Market	52	2.0%

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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%

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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%

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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%

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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

Springfield, NJ—07081

Key Metrics at a Glance

Home Price Trends — Springfield, NJ

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Springfield, NJ

% of Rental Stock

Property Listings — Springfield, NJ

Demographics — Springfield, NJ

Race and Ethnicity

Mortgage and Risk — Springfield, NJ

Mortgages

Rentals and Section 8 — Springfield, NJ

Section 8 Market Size

Section 8 Opportunity

Affordability — Springfield, NJ

Home Price to Income Ratio

Springfield, NJ — ZIP Code Boundary Map

Nearby ZIP Codes

Millburn, NJ

Mountainside, NJ

Kenilworth, NJ

Short Hills, NJ

Summit, NJ

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.7
Median Home Price	$690,000
Median Household Income	$146,000

Springfield, NJ—07081

Key Metrics at a Glance

Home Price Trends — Springfield, NJ

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Springfield, NJ

% of Rental Stock

Property Listings — Springfield, NJ

Demographics — Springfield, NJ

Race and Ethnicity

Mortgage and Risk — Springfield, NJ

Mortgages

Rentals and Section 8 — Springfield, NJ

Section 8 Market Size

Section 8 Opportunity

Affordability — Springfield, NJ

Home Price to Income Ratio

Springfield, NJ — ZIP Code Boundary Map

Nearby ZIP Codes

Millburn, NJ

Mountainside, NJ

Kenilworth, NJ

Short Hills, NJ

Summit, NJ

Frequently Asked Questions

What is the average home price in Springfield, NJ 07081?

How have home prices in Springfield, NJ 07081 changed over the past year?

What is the home price projection for Springfield, NJ 07081?

What are the demographics of Springfield, NJ 07081?

How long does it take homes to sell in Springfield, NJ 07081?

What is the average rent price in Springfield, NJ 07081?