Milltown, NJ—08850
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Milltown, NJ
As of Nov '25, the median home price in Milltown, NJ is $592,000, with a year-over-year change of 4.6%. This indicates that home prices in Milltown, NJ are increasing. According to Zillow, the 1-year price projection is 2.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $592,000 | 4.6% |
| Single Family | $595,000 | 4.6% |
| Condos | N/A | N/A |
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 | $564,000 | 2.9% |
4 Bed | $688,000 | 2.8% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Milltown, NJ
As of July '25, Rentcast reports the average rent in Milltown, NJ is $2,480, with a year-over-year rent change of 4.6%. Per bedroom, the median rent as of July '25 in Milltown, NJ is 1-bedrooms: $1,600, 2-bedrooms: $2,450, 3-bedrooms: $2,420. The most common rental property sizes in Milltown, NJ are 2-bedroom and 3-bedroom, accounting for 49.6% and 36.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,400 | $2,480 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,600 | $1,600 |
| 2 Bed Rent | $2,400 | $2,450 |
| 3 Bed Rent | $2,300 | $2,420 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Milltown, NJ
As of Nov '25, Realtor.com reports that the median days on market for a home in Milltown, NJ is 43. This is a decrease of -25.0% 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 36.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $665,000 | 13.0% |
Listing Count | 22 | -11.0% |
| Listings as % of Homes | 0.6% | -11.0% |
Days on Market | 43 | -25.0% |
Demographics — Milltown, NJ
As of the latest ACS Survey released in 2023, Milltown, NJ has a population of 8,440, which has remained stable by -0.5% over the past 5 years. Milltown, NJ is a moderately popular place for families, as children make up 24.8% of the population. The area has a highly educated workforce, with 45.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,440 | -0.5% |
% Under 18 | 24.8% | 10.2% |
% Seniors | 14.4% | -2.0% |
% WFH | 12.1% | 105.1% |
% w/ College Degree | 45.7% | 17.8% |
As of the latest ACS Survey released in 2023, Milltown, NJ is a predominantly white area, with 74.5% of the population identifying as white. The white population has shrunk by 5.1% in the last 5 years. The second most common race or ethnicity in Milltown, NJ is hispanic, making up 12.7% of the population. Foreign-born residents account for 19.3% of the population in Milltown, NJ, and this percentage has increased by 23.7% 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 | 74.5% | -5.1% |
% Black | 4.2% | 180.0% |
% Hispanic | 12.7% | 5.0% |
% Asian | 5.2% | -28.8% |
% Foreign Born | 19.3% | 23.7% |
Mortgage and Risk — Milltown, NJ
According to HUD data as of 2023, there were 142 mortgage originations in Milltown, NJ, of which 86.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 25.0% above 90% LTV (very high). This implies large mortgage risk in Milltown, NJ. Investor activity is low, as 0.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 142 |
% Conventional Loans | 86.0% |
% Government Loans | 14.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
Rentals and Section 8 — Milltown, NJ
Milltown, NJ lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 20 |
Total Units Section 8 | 19 |
% Rentals under Section 8 | 2.9% |
% Occupied Section 8 | 96.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $130 | $1,600 | $1,730 |
| 2 Bedroom | -$220 | $2,400 | $2,180 |
| 3 Bedroom | $330 | $2,300 | $2,630 |
| 4 Bedroom | N/A | N/A | $2,890 |
Affordability — Milltown, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.7 |
| Median Home Price | $592,000 |
| Median Household Income | $127,000 |