07208, Elizabeth, NJ

The home equity and home prices in the 7208 zip code of Elizabeth, NJ have been on the rise for a few years now. The median home value in this zip code is currently $269,000, which is up from $224,000 just five years ago. Additionally, the percentage of homes that are worth more than their original purchase price has also increased over the past few years. This suggests that there is a lot of potential for growth in this area.

One reason why home values have been increasing in this area is because there are a lot of new homes being built here. In fact, according to Zillow, there were 1,868 new homes built in Elizabeth between 2016 and 2017 alone. This influx of new homes has helped to increase demand for property and drive up prices. Additionally, many people who live in this zip code are wealthy enough to be able to afford high-priced homes without having to worry about inflationary pressures putting a dent in their savings.

However, even though the median home value is higher than it was five years ago, it's not necessarily indicative of an overheated market or an inflated housing bubble. There are several factors that could be contributing to this trend including low interest rates and strong job growth rates. In addition, many people who live in this zip code are buying houses as investments rather than using them as primary residences – which can help keep prices stable even when demand increases significantly.