Westfield, NJ—07090
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Westfield, NJ
As of Oct '25, the median home price in Westfield, NJ is $1,203,000, with a year-over-year change of 3.7%. This indicates that home prices in Westfield, 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 | $1,203,000 | 3.7% |
| Single Family | $1,224,000 | 3.6% |
| Condos | $640,000 | 10.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $597,000 | 6.6% |
3 Bed | $935,000 | 3.7% |
4 Bed | $1,284,000 | 4.1% |
| 5 Bed | $1,814,000 | 4.6% |
% of Housing Stock
Rental Trends — Westfield, NJ
As of July '25, Rentcast reports the average rent in Westfield, NJ is $3,530, with a year-over-year rent change of -0.6%. Per bedroom, the median rent as of July '25 in Westfield, NJ is studios: $1,900, 1-bedrooms: $2,460, 2-bedrooms: $3,660, 3-bedrooms: $4,180, 4-bedrooms: $5,360. The most common rental property sizes in Westfield, NJ are 1-bedroom and 2-bedroom, accounting for 35.6% and 23.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,250 | $3,530 |
| Studio Rent | $1,900 | $1,900 |
| 1 Bed Rent | $2,300 | $2,460 |
| 2 Bed Rent | $3,900 | $3,660 |
| 3 Bed Rent | $4,800 | $4,180 |
| 4 Bed Rent | $5,650 | $5,360 |
% of Rental Stock
Property Listings — Westfield, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Westfield, NJ is 23. This is a increase of 16.0% 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 6.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,510,000 | -1.0% |
Listing Count | 65 | -19.0% |
| Listings as % of Homes | 0.4% | -19.0% |
Days on Market | 23 | 16.0% |
Demographics — Westfield, NJ
As of the latest ACS Survey released in 2023, Westfield, NJ has a population of 30,800, which has increased by 2.3% over the past 5 years. Westfield, NJ is a popular place for families, as children make up 28.9% of the population. The area has a highly educated workforce, with 76.7% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 33.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 30,800 | 2.3% |
% Under 18 | 28.9% | -0.7% |
% Seniors | 14.7% | 4.3% |
% WFH | 33.9% | 384.3% |
% w/ College Degree | 76.7% | 4.5% |
As of the latest ACS Survey released in 2023, Westfield, NJ is a predominantly white area, with 76.5% of the population identifying as white. The white population has shrunk by 4.7% in the last 5 years. The second most common race or ethnicity in Westfield, NJ is asian, making up 8.8% of the population. Foreign-born residents account for 13.2% of the population in Westfield, NJ, and this percentage has increased by 17.9% 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 | 76.5% | -4.7% |
% Black | 2.4% | -20.0% |
% Hispanic | 8.6% | 11.7% |
% Asian | 8.8% | 23.9% |
% Foreign Born | 13.2% | 17.9% |
Mortgage and Risk — Westfield, NJ
According to HUD data as of 2023, there were 536 mortgage originations in Westfield, NJ, of which 98.0% of loans were conventional mortgages. The average loan-to-value was 51.0%, with 4.0% above 90% LTV (normal). This implies small mortgage risk in Westfield, NJ. Investor activity is low, as 1.0% of loans were by investors. 4.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 536 |
% Conventional Loans | 98.0% |
% Government Loans | 2.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 4.0% |
Loan Activity
Rentals and Section 8 — Westfield, NJ
As of 2024, the percent of homes in Westfield, NJ under the Section 8 program is 9.4%. 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 units appear to be good home sizes to consider for Section 8 housing in Westfield, 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 | 218 |
Total Units Section 8 | 207 |
% Rentals under Section 8 | 9.4% |
% Occupied Section 8 | 96.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $120 | $2,300 | $2,420 |
| 2 Bedroom | -$970 | $3,900 | $2,930 |
| 3 Bedroom | -$1,110 | $4,800 | $3,690 |
| 4 Bedroom | -$1,450 | $5,650 | $4,200 |
Affordability — Westfield, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.7 |
| Median Home Price | $1,203,000 |
| Median Household Income | $213,000 |