Bloomfield, NJ—07003
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Bloomfield, NJ
As of Oct '25, the median home price in Bloomfield, NJ is $584,000, with a year-over-year change of 2.8%. This indicates that home prices in Bloomfield, NJ are increasing. According to Zillow, the 1-year price projection is 0.7%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $584,000 | 2.8% |
| Single Family | $606,000 | 2.4% |
| Condos | $281,000 | 3.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $250,000 | 5.9% |
2 Bed | $386,000 | 4.9% |
3 Bed | $620,000 | 3.0% |
4 Bed | $674,000 | 3.1% |
| 5 Bed | $728,000 | 3.7% |
% of Housing Stock
Rental Trends — Bloomfield, NJ
As of July '25, Rentcast reports the average rent in Bloomfield, NJ is $2,320, with a year-over-year rent change of -13.1%. Per bedroom, the median rent as of July '25 in Bloomfield, NJ is studios: $1,500, 1-bedrooms: $1,790, 2-bedrooms: $2,530, 3-bedrooms: $2,880, 4-bedrooms: $3,610. The most common rental property sizes in Bloomfield, NJ are 1-bedroom and 2-bedroom, accounting for 40.5% and 35.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,300 | $2,320 |
| Studio Rent | $1,300 | $1,500 |
| 1 Bed Rent | $1,800 | $1,790 |
| 2 Bed Rent | $2,400 | $2,530 |
| 3 Bed Rent | $2,850 | $2,880 |
| 4 Bed Rent | $3,100 | $3,610 |
% of Rental Stock
Property Listings — Bloomfield, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Bloomfield, NJ is 35. This is a decrease of -31.0% 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 14.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $579,000 | 0.0% |
Listing Count | 70 | 3.0% |
| Listings as % of Homes | 0.2% | 3.0% |
Days on Market | 35 | -31.0% |
Demographics — Bloomfield, NJ
As of the latest ACS Survey released in 2023, Bloomfield, NJ has a population of 52,900, which has increased by 8.4% over the past 5 years. Bloomfield, NJ is a moderately popular place for families, as children make up 19.0% of the population. The area has a highly educated workforce, with 48.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 18.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 52,900 | 8.4% |
% Under 18 | 19.0% | -8.7% |
% Seniors | 14.6% | 9.0% |
% WFH | 18.1% | 432.4% |
% w/ College Degree | 48.6% | 20.6% |
As of the latest ACS Survey released in 2023, Bloomfield, NJ is a predominantly white area, with 39.4% of the population identifying as white. The white population has shrunk by 5.7% in the last 5 years. The second most common race or ethnicity in Bloomfield, NJ is hispanic, making up 28.2% of the population. Foreign-born residents account for 23.8% of the population in Bloomfield, NJ, and this percentage has decreased by 8.5% 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 | 39.4% | -5.7% |
% Black | 17.8% | -11.0% |
% Hispanic | 28.2% | -1.4% |
% Asian | 9.8% | 11.4% |
% Foreign Born | 23.8% | -8.5% |
Mortgage and Risk — Bloomfield, NJ
According to HUD data as of 2023, there were 570 mortgage originations in Bloomfield, NJ, of which 78.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in Bloomfield, NJ. Investor activity is low, as 2.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 570 |
% Conventional Loans | 78.0% |
% Government Loans | 22.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Bloomfield, NJ
As of 2024, the percent of homes in Bloomfield, NJ under the Section 8 program is 5.4%. 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 and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Bloomfield, NJ, because HUD payments exceed market rent, while 2-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 575 |
Total Units Section 8 | 568 |
% Rentals under Section 8 | 5.4% |
% Occupied Section 8 | 91.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $90 | $1,800 | $1,890 |
| 2 Bedroom | -$110 | $2,400 | $2,290 |
| 3 Bedroom | $30 | $2,850 | $2,880 |
| 4 Bedroom | $180 | $3,100 | $3,280 |
Affordability — Bloomfield, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.9 |
| Median Home Price | $584,000 |
| Median Household Income | $98,800 |