ZIP Code 07423 Housing Market

📝 Local Market Notes

The housing market in ZIP code 07423 exhibits a distinct trajectory characterized by a recent peak followed by a moderate correction. From 2021 to 2024, the Federal Housing Finance Agency House Price Index (HPI) surged from 176.03 to 262.69, indicating robust appreciation during the post-pandemic boom. However, the index has since declined to 253.14 in 2025. This reversal results in a year-over-year change of -3.64%, marking a period of price stabilization and slight contraction after a four-year upward trend. The data suggests that the initial surge has reached a temporary plateau, with values now settling below their 2024 highs. This performance signals a significant divergence from broader regional trends. While ZIP 07423 experienced a negative annual change, the parent Bergen County recorded a positive YoY growth of +6.79%, and the state of New Jersey grew by +4.53%. This underperformance relative to the county and state averages indicates that 07423 is currently cooling faster than its surrounding peers. Nearby ZIPs, such as 07057 and 07641, continue to show double-digit growth, further highlighting the isolated nature of the recent price adjustment in 07423. The sub-market character of 07423 aligns with the affluent profile of Bergen County, where the median household income stands at $124,884 and the median home value is $623,000. With an owner-occupancy rate of 65.3%, the area remains predominantly residential and stable. The current HPI level of 253.14 reflects a premium market segment, though the recent dip offers a different dynamic than the aggressive appreciation seen in adjacent areas. For prospective buyers, the practical takeaway is that 07423 currently presents a more favorable entry point compared to the county’s broader upward momentum. The combination of high local income levels and a short-term price correction suggests a market that is adjusting to higher mortgage rates, specifically the current 30-year average of 7.40%, without losing its fundamental value proposition within the county.

Based on FHFA House Price Index data.