New Providence, NJ—07974
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — New Providence, NJ
As of Oct '25, the median home price in New Providence, NJ is $944,000, with a year-over-year change of 2.7%. This indicates that home prices in New Providence, NJ are increasing. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $944,000 | 2.7% |
| Single Family | $954,000 | 2.5% |
| Condos | $645,000 | 0.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $636,000 | 1.9% |
3 Bed | $861,000 | 3.0% |
4 Bed | $1,065,000 | 3.4% |
| 5 Bed | $1,322,000 | 3.5% |
% of Housing Stock
Rental Trends — New Providence, NJ
As of July '25, Rentcast reports the average rent in New Providence, NJ is $4,570, with a year-over-year rent change of 6.5%. Per bedroom, the median rent as of July '25 in New Providence, NJ is 1-bedrooms: $2,110, 2-bedrooms: $3,980, 3-bedrooms: $4,740, 4-bedrooms: $5,870. The most common rental property sizes in New Providence, NJ are 1-bedroom and 2-bedroom, accounting for 43.2% and 28.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $4,200 | $4,570 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,040 | $2,110 |
| 2 Bed Rent | $3,700 | $3,980 |
| 3 Bed Rent | $4,800 | $4,740 |
| 4 Bed Rent | $5,900 | $5,870 |
% of Rental Stock
Property Listings — New Providence, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in New Providence, NJ is 33. This is a increase of 51.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,500,000 | 52.0% |
Listing Count | 33 | 43.0% |
| Listings as % of Homes | 0.4% | 43.0% |
Days on Market | 33 | 51.0% |
Demographics — New Providence, NJ
As of the latest ACS Survey released in 2023, New Providence, NJ has a population of 12,700, which has increased by 2.7% over the past 5 years. New Providence, NJ is a popular place for families, as children make up 25.8% of the population. The area has a highly educated workforce, with 69.0% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 27.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 12,700 | 2.7% |
% Under 18 | 25.8% | -6.9% |
% Seniors | 23.8% | 58.7% |
% WFH | 27.0% | 315.4% |
% w/ College Degree | 69.0% | 0.7% |
As of the latest ACS Survey released in 2023, New Providence, NJ is a predominantly white area, with 68.6% of the population identifying as white. The white population has shrunk by 8.3% in the last 5 years. The second most common race or ethnicity in New Providence, NJ is asian, making up 16.5% of the population. Foreign-born residents account for 18.8% of the population in New Providence, NJ, and this percentage has increased by 16.8% 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 | 68.6% | -8.3% |
% Black | 0.9% | -18.2% |
% Hispanic | 7.3% | -9.9% |
% Asian | 16.5% | 27.9% |
% Foreign Born | 18.8% | 16.8% |
Mortgage and Risk — New Providence, NJ
According to HUD data as of 2023, there were 195 mortgage originations in New Providence, NJ, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 7.0% above 90% LTV (normal). This implies small mortgage risk in New Providence, NJ. Investor activity is low, as 2.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 195 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — New Providence, NJ
As of 2024, the percent of homes in New Providence, NJ under the Section 8 program is 0.2%. 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. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in New Providence, 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 | 2 |
Total Units Section 8 | 2 |
% Rentals under Section 8 | 0.2% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $220 | $2,040 | $2,260 |
| 2 Bedroom | -$970 | $3,700 | $2,730 |
| 3 Bedroom | -$1,360 | $4,800 | $3,440 |
| 4 Bedroom | -$1,990 | $5,900 | $3,910 |
Affordability — New Providence, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.6 |
| Median Home Price | $944,000 |
| Median Household Income | $169,000 |