ZIP Code 07104 Housing Market

📝 Local Market Notes

ZIP code 07104 in Essex County, New Jersey, exhibits a distinct price trajectory characterized by significant volatility over the last five years. The Home Price Index (HPI) rose steadily from 255.68 in 2021 to a peak of 375.12 in 2024, indicating a period of aggressive appreciation. However, the most recent data for 2025 shows a sharp correction, with the HPI declining to 320.44. This recent drop represents a year-over-year decrease of 14.58%, signaling a substantial retreat from the previous year’s highs rather than a continued upward trend. This performance stands in stark contrast to broader regional metrics. While the overall Essex County market experienced a year-over-year increase of 5.81% and the state of New Jersey grew by 4.53%, ZIP 07104 moved inversely to these trends. The divergence between the ZIP’s negative growth and the positive county and state averages suggests localized market dynamics that are decoupling from the general regional recovery. Unlike nearby ZIP 07050, which saw an 11.72% increase, 07104’s decline indicates specific sub-market pressures or inventory shifts that are not reflected in the wider county data. The sub-market character of 07104 appears to be a mixed-income area with significant rental components. The parent county’s owner occupancy rate of 44.9% suggests a substantial renter population, which may contribute to price volatility as investment properties and rental stock influence local valuations. With a median home value of $524,100 in the county, the ZIP likely serves as a mid-range option rather than a luxury enclave. For prospective buyers, the current 7.40% mortgage rate combined with the recent price correction may present an opportunity for negotiation. Residents and investors should note that this ZIP is currently undergoing a price adjustment phase, deviating from the stable growth observed in neighboring areas.

Based on FHFA House Price Index data.