Basking Ridge, NJ—07920
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Basking Ridge, NJ
As of Oct '25, the median home price in Basking Ridge, NJ is $896,000, with a year-over-year change of 3.3%. This indicates that home prices in Basking Ridge, 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 | $896,000 | 3.3% |
| Single Family | $1,051,000 | 3.4% |
| Condos | $441,000 | 5.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $341,000 | 4.3% |
2 Bed | $469,000 | 5.2% |
3 Bed | $806,000 | 3.2% |
4 Bed | $1,184,000 | 4.8% |
| 5 Bed | $1,577,000 | 5.2% |
% of Housing Stock
Rental Trends — Basking Ridge, NJ
As of July '25, Rentcast reports the average rent in Basking Ridge, NJ is $3,870, with a year-over-year rent change of -4.9%. Per bedroom, the median rent as of July '25 in Basking Ridge, NJ is 1-bedrooms: $2,390, 2-bedrooms: $2,940, 3-bedrooms: $4,420, 4-bedrooms: $5,810. The most common rental property sizes in Basking Ridge, NJ are 2-bedroom and 1-bedroom, accounting for 45.0% and 33.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,600 | $3,870 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,350 | $2,390 |
| 2 Bed Rent | $2,850 | $2,940 |
| 3 Bed Rent | $4,600 | $4,420 |
| 4 Bed Rent | $6,000 | $5,810 |
% of Rental Stock
Property Listings — Basking Ridge, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Basking Ridge, NJ is 24. This is a increase of 28.0% 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 12.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $763,000 | -12.0% |
Listing Count | 68 | -13.0% |
| Listings as % of Homes | 0.5% | -13.0% |
Days on Market | 24 | 28.0% |
Demographics — Basking Ridge, NJ
As of the latest ACS Survey released in 2023, Basking Ridge, NJ has a population of 28,400, which has increased by 5.1% over the past 5 years. Basking Ridge, NJ is a moderately popular place for families, as children make up 24.6% of the population. The area has a highly educated workforce, with 73.5% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 25.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,400 | 5.1% |
% Under 18 | 24.6% | -6.1% |
% Seniors | 17.3% | 14.6% |
% WFH | 25.9% | 172.6% |
% w/ College Degree | 73.5% | -1.6% |
As of the latest ACS Survey released in 2023, Basking Ridge, NJ is a predominantly white area, with 65.6% of the population identifying as white. The white population has shrunk by 8.4% in the last 5 years. The second most common race or ethnicity in Basking Ridge, NJ is asian, making up 23.7% of the population. Foreign-born residents account for 24.0% of the population in Basking Ridge, NJ, and this percentage has increased by 6.7% 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 | 65.6% | -8.4% |
% Black | 1.2% | -42.9% |
% Hispanic | 5.6% | 12.0% |
% Asian | 23.7% | 19.7% |
% Foreign Born | 24.0% | 6.7% |
Mortgage and Risk — Basking Ridge, NJ
According to HUD data as of 2023, there were 418 mortgage originations in Basking Ridge, NJ, of which 98.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 7.0% above 90% LTV (normal). This implies small mortgage risk in Basking Ridge, NJ. Investor activity is low, as 2.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 418 |
% Conventional Loans | 98.0% |
% Government Loans | 2.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Basking Ridge, NJ
As of 2024, the percent of homes in Basking Ridge, NJ under the Section 8 program is 20.6%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Basking Ridge, NJ, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 402 |
Total Units Section 8 | 343 |
% Rentals under Section 8 | 20.6% |
% Occupied Section 8 | 99.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$50 | $2,350 | $2,300 |
| 2 Bedroom | $40 | $2,850 | $2,890 |
| 3 Bedroom | -$1,110 | $4,600 | $3,490 |
| 4 Bedroom | -$2,160 | $6,000 | $3,840 |
Affordability — Basking Ridge, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $896,000 |
| Median Household Income | $185,000 |