Whippany, NJ—07981
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Whippany, NJ
As of Oct '25, the median home price in Whippany, NJ is $716,000, with a year-over-year change of 2.2%. This indicates that home prices in Whippany, NJ are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $716,000 | 2.2% |
| Single Family | $755,000 | 2.2% |
| Condos | $495,000 | 7.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $554,000 | 4.3% |
3 Bed | $711,000 | 5.0% |
4 Bed | $878,000 | 5.9% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Whippany, NJ
As of July '25, Rentcast reports the average rent in Whippany, NJ is $3,390, with a year-over-year rent change of -10.3%. Per bedroom, the median rent as of July '25 in Whippany, NJ is studios: $2,790, 1-bedrooms: $2,720, 2-bedrooms: $3,480, 3-bedrooms: $3,750, 4-bedrooms: $4,000. The most common rental property sizes in Whippany, NJ are 3-bedroom and 1-bedroom, accounting for 38.5% and 27.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,450 | $3,390 |
| Studio Rent | $2,790 | $2,790 |
| 1 Bed Rent | $2,800 | $2,720 |
| 2 Bed Rent | $3,200 | $3,480 |
| 3 Bed Rent | $3,600 | $3,750 |
| 4 Bed Rent | $4,000 | $4,000 |
% of Rental Stock
Property Listings — Whippany, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Whippany, NJ is 34. This is a increase of 31.0% 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 15.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $726,000 | -9.0% |
Listing Count | 26 | 58.0% |
| Listings as % of Homes | 0.3% | 58.0% |
Days on Market | 34 | 31.0% |
Demographics — Whippany, NJ
As of the latest ACS Survey released in 2023, Whippany, NJ has a population of 8,910, which has remained stable by -0.9% over the past 5 years. Whippany, NJ is a moderately popular place for families, as children make up 18.2% of the population. The area has a highly educated workforce, with 55.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,910 | -0.9% |
% Under 18 | 18.2% | -9.5% |
% Seniors | 19.5% | 0.0% |
% WFH | 21.9% | 491.9% |
% w/ College Degree | 55.0% | 7.8% |
As of the latest ACS Survey released in 2023, Whippany, NJ is a predominantly white area, with 71.2% of the population identifying as white. The white population has shrunk by 7.9% in the last 5 years. The second most common race or ethnicity in Whippany, NJ is asian, making up 12.8% of the population. Foreign-born residents account for 19.7% of the population in Whippany, NJ, and this percentage has increased by 11.9% 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 | 71.2% | -7.9% |
% Black | 0.2% | -81.8% |
% Hispanic | 8.7% | 19.2% |
% Asian | 12.8% | -9.2% |
% Foreign Born | 19.7% | 11.9% |
Mortgage and Risk — Whippany, NJ
According to HUD data as of 2023, there were 119 mortgage originations in Whippany, NJ, of which 97.0% of loans were conventional mortgages. The average loan-to-value was 48.0%, with 7.0% above 90% LTV (normal). This implies small mortgage risk in Whippany, NJ. Investor activity is low, as 0.0% 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 | 119 |
% Conventional Loans | 97.0% |
% Government Loans | 3.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Whippany, NJ
As of 2024, the percent of homes in Whippany, 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. 2-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Whippany, NJ, because HUD payments exceed market rent, while 1-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 6 |
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 | -$150 | $2,800 | $2,650 |
| 2 Bedroom | $10 | $3,200 | $3,210 |
| 3 Bedroom | $440 | $3,600 | $4,040 |
| 4 Bedroom | $600 | $4,000 | $4,600 |
Affordability — Whippany, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $716,000 |
| Median Household Income | $153,000 |