Millburn, NJ—07041
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Millburn, NJ
As of Oct '25, the median home price in Millburn, NJ is $1,190,000, with a year-over-year change of 5.2%. This indicates that home prices in Millburn, NJ are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $1,190,000 | 5.2% |
| Single Family | $1,239,000 | 5.6% |
| Condos | $410,000 | -0.7% |
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 | $1,144,000 | 3.9% |
4 Bed | $1,382,000 | 4.7% |
| 5 Bed | $1,745,000 | 4.0% |
% of Housing Stock
Rental Trends — Millburn, NJ
As of July '25, Rentcast reports the average rent in Millburn, NJ is $4,410, with a year-over-year rent change of 11.4%. Per bedroom, the median rent as of July '25 in Millburn, NJ is 1-bedrooms: $2,280, 2-bedrooms: $3,590, 3-bedrooms: $4,850, 4-bedrooms: $6,590. The most common rental property sizes in Millburn, NJ are 1-bedroom and 2-bedroom, accounting for 50.9% and 24.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,950 | $4,410 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,060 | $2,280 |
| 2 Bed Rent | $3,000 | $3,590 |
| 3 Bed Rent | $5,150 | $4,850 |
| 4 Bed Rent | $6,700 | $6,590 |
% of Rental Stock
Property Listings — Millburn, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Millburn, NJ is 24. This is a increase of 27.0% 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 | $1,590,000 | 30.0% |
Listing Count | 18 | -4.0% |
| Listings as % of Homes | 0.5% | -4.0% |
Days on Market | 24 | 27.0% |
Demographics — Millburn, NJ
As of the latest ACS Survey released in 2023, Millburn, NJ has a population of 7,610, which has increased by 7.6% over the past 5 years. Millburn, NJ is a popular place for families, as children make up 28.8% of the population. The area has a highly educated workforce, with 81.3% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 28.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,610 | 7.6% |
% Under 18 | 28.8% | -1.4% |
% Seniors | 13.4% | 6.3% |
% WFH | 28.7% | 222.5% |
% w/ College Degree | 81.3% | 9.1% |
As of the latest ACS Survey released in 2023, Millburn, NJ is a predominantly white area, with 48.7% of the population identifying as white. The white population has shrunk by 23.9% in the last 5 years. The second most common race or ethnicity in Millburn, NJ is asian, making up 26.5% of the population. Foreign-born residents account for 37.2% of the population in Millburn, NJ, and this percentage has increased by 42.5% 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 | 48.7% | -23.9% |
% Black | 4.1% | -32.8% |
% Hispanic | 11.9% | 67.6% |
% Asian | 26.5% | 35.2% |
% Foreign Born | 37.2% | 42.5% |
Mortgage and Risk — Millburn, NJ
According to HUD data as of 2023, there were 84 mortgage originations in Millburn, NJ, of which 100.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 2.0% above 90% LTV (normal). This implies small mortgage risk in Millburn, NJ. Investor activity is low, as 0.0% 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 | 84 |
% Conventional Loans | 100.0% |
% Government Loans | 0.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Millburn, NJ
As of 2024, the percent of homes in Millburn, NJ under the Section 8 program is 0.1%. 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 Millburn, 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 | 1 |
Total Units Section 8 | 1 |
% Rentals under Section 8 | 0.1% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $110 | $2,060 | $2,170 |
| 2 Bedroom | -$380 | $3,000 | $2,620 |
| 3 Bedroom | -$1,850 | $5,150 | $3,300 |
| 4 Bedroom | -$2,950 | $6,700 | $3,750 |
Affordability — Millburn, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.2 |
| Median Home Price | $1,190,000 |
| Median Household Income | $221,000 |