07675, Westwood, NJ

Westwood, NJ is located in the 7675 zip code. The median home value in this zip code is $1,868,000. The median home equity in this zip code is $619,500. Home prices have increased significantly over the past few years and are now above their pre-recession levels.

The main reasons for the increase in home prices are strong demand and limited supply. Westwood has a population of just under 10,000 and there are not many homes available for sale or rent. This has led to high demand and high prices.

Another factor contributing to the increase in home prices is low interest rates. Since 2007, the Federal Reserve has kept interest rates at record lows which has helped to boost the housing market. Low interest rates make it more affordable to borrow money to buy a house and also make it more likely that people will be able to afford a house even if they don't have much money saved up already.

Despite these factors, there are some risks associated with buying a house in Westwood right now. For example, if the economy weakens or interest rates rise again then housing prices could fall back down below their pre-recession levels. Additionally, there is always a risk that someone might try to buy your house even if they don't actually have enough money to do so (called "flipping"). Finally, Westwood's relatively small population means that there may not be many people who can sell their homes when they want to (which could lead to lower home values).