By Erin Petenko | NJ Advance Media for NJ.com
The Associated Press looked at Trulia and Realtor.com data on hundreds of New Jersey zip codes, comparing prices, housing inventory and average days on market between February 2016 and February 2017. It found that prices are rising while housing inventory is at a 20-year low.
The 10 hottest
10. 08248, Strathmere
This zip code in Cape May county saw a 27 percent increase in median list price from 2016 to 2017, while the average days a house stays on the market has decreased 38 percent. The number of active listings — housing stock on the market — has also declined, by 11 percent.
9. 07040, Maplewood
The 07040 zip code in Maplewood, located in Essex County, had a 29 percent increase in median list price, which is currently $427,000. The number of active listings declined 11 percent and the average days on the market have declined 48 percent, suggesting decreased supply led to to the zip code's list price increase.
8. 07070, Rutherford
The 07070 zip code, located in Rutherford township in Bergen County, had a 29 percent increase in median list price to $561,500. Houses in the zip code spent 47 days on the market, a 18 percent drop from the previous year, while active listings decreased 22 percent.
7. 07928, Chatham
The 07928 zip code in Chatham, a Morris County borough, is a pricey one, with a median list price of $1,417,500 that has increased 30 percent in the past year. Unlike many of the increasing zip codes on this list, the housing inventory here has increased in the past year — by 5 percent — rather than fallen.
6. 07018, East Orange
This zip code in East Orange, in Essex County, is less expensive, but its median list price of $139,900 has still increased 31 percent in the past year. That increase was likely driven by a sharp drop in inventory; the number of active listings has dropped 26 percent, while average days on market fell 26 percent.
5. 07760, Rumson
The 07760 zip code, in Monmouth's Rumson borough, is at the upper end of real estate prices, with a median list price of $1,579,700 that has increased 32 percent in the past year. Its housing stock has increased by 8 percent, but its average days on market has declined by 14 percent.
4. 08247, Stone Harbor
The 08247 zip code in Stone Harbor, located in Cape May County, has seen a dramatic 35 percent rise in its already high median list price of $1,697,300. At the same time, its house stock has dropped 21 percent and the average days on market has increased very slightly, by less than 1 percent.
3. 07108, Newark
This zip code, located mostly Newark's South Ward in Essex County, has a low median list price -- only $132,300 — but has seen a 35 percent increase in prices. Its housing stock has declined, by 29 percent, as has the average number of days on the market, also by 29 percent. The increase in home values could be connected to the area being designated for redevelopment.
2. 07201, Elizabeth
The 07201 zip code in Elizabeth, located in Union County, has a low median list price of $189,300 but has increased in price 36 percent over the past year. Its housing stock has also decreased, by 23 percent, while its average days on the market has increased 18 percent.
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Erin Petenko | NJ Advance Media for NJ.com
1. 07086, Weehawken
This zip code in Hudson County has seen a 43 percent rise in median home price, which is now $868,800. Unlike many other zip codes on the list, its housing stock has increased 44 percent.
The 10 coolest
10. 08848, Milford
The 08848 zip code in Milford, located in Hunterdon County, has a median list price of $329,900 but has declined 19 percent in the past year. At the same time, its housing stock dipped 17 percent and its average days on market fell 22 percent.
9. 07762, Spring Lake
Spring Lake's 07762 zip code has a $637,500 median list price, which has suffered a nearly 20 percent drop in the past year. Its housing stock has increased slightly, by 7 percent, while the average days on the market has risen by 4 percent.
8. 07112, Newark
The 07112 zip code also mostly in Newark's South Ward, had a 20 percent drop in median list price, which is currently $125,000. Its housing stock's average days on the market has increased 15 percent, and that stock's size has increased 9 percent.
7. 07028, Glen Ridge
The 07028 zip code, located in Glen Ridge in Essex County, has experienced a 20 percent drop in the past year, while its active listings have plunged 54 percent and its average days on market fell 65 percent. Its median list price stands at $558,300.
Erin Petenko | NJ Advance Media for NJ.com
6. 08518, Florence
This Burlington County zip code had a 22 percent decline in median list price, which is now $147,400. Its days on market average declined 43 percent and its active listings fell 5 percent at the same time.
5. 08318, Elmer
Elmer's 08318 zip code in Salem County declined 22 percent in median list price over a year. Its median price is now $201,200. At the same time, its housing inventory and average number of days on market has also declined by 15 percent and 20 percent, respectively.
Erin Petenko | NJ Advance Media for NJ.com
4. 08828, Helmetta
08828 in Helmetta, located in Middlesex County, has a $191,200 median list price that has fallen 22 percent in the past year. At the same time, its average number of days on market has declined 63 percent and its active listings have fallen 38 percent.
3. 07848, Lafayette
The 07848 zip code, located in Sussex County's Lafayette township, had a 24 percent drop in median list price to $277,900. Its active listings have fallen 8 percent and its average days on market has fallen 11 percent.
2. 08533, New Egypt
The 08533 zip code in New Egypt, Ocean County, had a 27 percent decline in median list price, which is now $256,300. Its active listing inventory has simultaneously dropped 21 percent and its average days on market has dropped 22 percent.
1. 07756, Ocean Grove
As of February, the 07756 zip code in Ocean Grove, located in Monmouth County, had a median list price of $479,000 that had fallen 27 percent in the past year. Its active housing inventory and average days on market had both fallen by a third. (This ranking is based on data through February 2017. There are some indicators that the real estate market in Ocean Grove is already changing.)
Tom Troncone | NJ Advance Media for NJ.com
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