07003, Bloomfield, NJ

The 7003 zip code of Bloomfield, NJ has a median home value of $257,000 and a median home equity value of $119,000. This is higher than the statewide median home value of $173,600 and the national median home equity value of $161,200. The majority (82%) of homes in the 7003 zip code are owner-occupied while 18% are rented. The average commute to work is 26 minutes.

There has been an increase in home values in the 7003 zip code over the past five years. In 2013, the median home value was $236,000 while in 2017 it had increased to $257,000. This indicates that there is an increase in demand for homes in this area and that people are willing to pay more for properties here. It is also likely that this increase is due to low interest rates and increasing prices across all markets nationwide.

One factor that could potentially affect home values in the 7003 zip code is whether or not there are any new development projects underway nearby. If there are new developments being built or if major roads or highways are being upgraded then this could lead to an influx of people into the area which would likely cause prices to rise faster than they have been over recent years. However, at present there does not appear to be any major development projects taking place nearby which may help keep prices stable or even decrease slightly over time as more people become interested in buying property here.