ZIP Code 08070 Housing Market

📝 Local Market Notes

ZIP code 08070 in Salem County, New Jersey, demonstrates a robust upward trajectory in home values over the past five years. The Federal Housing Finance Agency’s House Price Index (HPI) for this ZIP code has surged from 160.17 in 2021 to 252.11 in 2025. This represents a cumulative gain of approximately 57.4% in just four years, indicating sustained and significant appreciation. The consistent annual increases suggest that the local market has maintained strong momentum without experiencing the volatility seen in other regions. In terms of relative performance, ZIP 08070 exhibits a slight outperformance compared to broader geographic benchmarks. The ZIP’s year-over-year growth of +5.06% exceeds both the Salem County average of +4.58% and the New Jersey state average of +4.53%. This divergence signals that 08070 is a stronger sub-market within the county, likely driven by localized demand factors that differentiate it from surrounding areas. While nearby ZIP 08079 shows higher growth at +7.32%, 08070 maintains a competitive position with a higher absolute HPI level of 252.1 compared to 226.0. The sub-market character appears to be established and owner-occupied, aligning with the parent county’s 71.0% owner occupancy rate. With a median home value of $239,500 and a median household income of $79,960, the area serves as a mid-range residential market rather than a luxury or entry-level segment. The median gross rent of $1,253 per month suggests a balanced rental and ownership landscape. For prospective buyers, the practical takeaway is that while the market has appreciated significantly, the current 30-year mortgage rate of 7.40% adds leverage risk. Residents should note that 08070 offers stable, above-average appreciation relative to the state, making it a solid investment within Salem County’s broader housing ecosystem.

Based on FHFA House Price Index data.