ZIP Code 07202 Housing Market

📝 Local Market Notes

The housing market in ZIP code 07202, located in Union County, New Jersey, exhibits a volatile price trajectory over the recent five-year period. The Home Price Index (HPI) rose steadily from 237.63 in 2021 to a peak of 360.65 in 2024, representing a significant appreciation phase. However, the index has since retreated to 329.24 in 2025, indicating a sharp correction. This recent decline is highlighted by a year-over-year decrease of -8.71%, a stark contrast to the broader regional trends. This performance signals a notable divergence from both the county and state levels. While Union County recorded a year-over-year increase of +5.47% and the state of New Jersey grew by +4.53%, ZIP 07202 contracted. This negative deviation suggests that local market dynamics are currently decoupling from the general upward pressure observed in the surrounding region. The contrast is further emphasized by nearby ZIP 07092, which saw an 11.24% increase, and ZIP 07201, which maintains a substantially higher HPI of 455.5. Contextualizing this data with American Community Survey estimates for Union County, the median home value stands at $529,200. Given that ZIP 07202’s HPI is significantly lower than the premium sub-market of 07201, it likely represents a more affordable entry point within the county, though still above national averages. With an owner-occupancy rate of 57.4% and a median household income of $103,202, the area serves a mixed demographic of moderate-income homeowners and renters, who pay a median gross rent of $1,730 per month. For prospective buyers, the current 7.40% mortgage rate combined with the recent price correction in ZIP 07202 may present a window for negotiation. Residents should note that while the sub-market has corrected from its 2024 peak, it remains part of a high-cost county. The data indicates a stabilizing but currently softening local market, distinct from the stronger appreciation seen in adjacent areas.

Based on FHFA House Price Index data.