New Milford, NJ—07646
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — New Milford, NJ
As of Oct '25, the median home price in New Milford, NJ is $704,000, with a year-over-year change of 2.0%. This indicates that home prices in New Milford, NJ are increasing. According to Zillow, the 1-year price projection is 2.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $704,000 | 2.0% |
| Single Family | $706,000 | 1.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $700,000 | 2.6% |
4 Bed | $774,000 | 3.5% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — New Milford, NJ
As of July '25, Rentcast reports the average rent in New Milford, NJ is $3,180, with a year-over-year rent change of -8.9%. Per bedroom, the median rent as of July '25 in New Milford, NJ is studios: $1,660, 1-bedrooms: $1,850, 2-bedrooms: $2,650, 3-bedrooms: $3,510, 4-bedrooms: $4,690. The most common rental property sizes in New Milford, NJ are 1-bedroom and 2-bedroom, accounting for 47.1% and 32.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,300 | $3,180 |
| Studio Rent | $1,660 | $1,660 |
| 1 Bed Rent | $1,980 | $1,850 |
| 2 Bed Rent | $2,000 | $2,650 |
| 3 Bed Rent | $3,500 | $3,510 |
| 4 Bed Rent | $4,500 | $4,690 |
% of Rental Stock
Property Listings — New Milford, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in New Milford, NJ is 17. This is a decrease of -34.0% 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 7.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $672,000 | -2.0% |
Listing Count | 27 | 0.0% |
| Listings as % of Homes | 0.2% | 0.0% |
Days on Market | 17 | -34.0% |
Demographics — New Milford, NJ
As of the latest ACS Survey released in 2023, New Milford, NJ has a population of 16,900, which has increased by 1.8% over the past 5 years. New Milford, NJ is a moderately popular place for families, as children make up 23.1% of the population. The area has a highly educated workforce, with 48.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 16,900 | 1.8% |
% Under 18 | 23.1% | 13.2% |
% Seniors | 16.0% | -1.2% |
% WFH | 14.0% | 636.8% |
% w/ College Degree | 48.0% | 11.1% |
As of the latest ACS Survey released in 2023, New Milford, NJ is a predominantly white area, with 47.6% of the population identifying as white. The white population has shrunk by 16.9% in the last 5 years. The second most common race or ethnicity in New Milford, NJ is hispanic, making up 22.1% of the population. Foreign-born residents account for 30.5% of the population in New Milford, NJ, and this percentage has decreased by 1.0% 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 | 47.6% | -16.9% |
% Black | 5.3% | 55.9% |
% Hispanic | 22.1% | 21.4% |
% Asian | 20.5% | 5.7% |
% Foreign Born | 30.5% | -1.0% |
Mortgage and Risk — New Milford, NJ
According to HUD data as of 2023, there were 194 mortgage originations in New Milford, NJ, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 13.0% above 90% LTV (elevated). This implies medium mortgage risk in New Milford, NJ. Investor activity is low, as 2.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 194 |
% Conventional Loans | 90.0% |
% Government Loans | 10.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — New Milford, NJ
As of 2024, the percent of homes in New Milford, NJ under the Section 8 program is 3.2%. 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. In New Milford, NJ, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 86 |
Total Units Section 8 | 84 |
% Rentals under Section 8 | 3.2% |
% Occupied Section 8 | 95.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$240 | $1,980 | $1,740 |
| 2 Bedroom | $0 | $2,000 | $2,000 |
| 3 Bedroom | -$1,040 | $3,500 | $2,460 |
| 4 Bedroom | -$1,390 | $4,500 | $3,110 |
Affordability — New Milford, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.2 |
| Median Home Price | $704,000 |
| Median Household Income | $114,000 |