07718, Belford, NJ

The 7718 zip code of Belford, NJ has a median home value of $183,000 and a median home equity value of $119,000. This is significantly lower than the statewide median home value of $317,500 and the national median home equity value of $181,200.

There are several factors that may contribute to the low home values in the 7718 zip code. First, Belford is located in a relatively rural area with few major employers. As a result, there are not as many people who can afford to buy or invest in homes here. Second, Belford has seen significant decreases in its population over the past few decades due to migration and aging. As a result, there are fewer households available to purchase or invest in homes here. Finally, Belford has experienced significant decreases in its housing stock over time due to arson and neglect. As a result, homes that are available for sale tend to be more expensive than they would be if more houses were available for purchase.

Despite these factors, there is some evidence that the low home values in the 7718 zip code may be starting to rebound slightly over time. For example, house prices have increased by 2% since 2016 which is faster than the statewide average increase of 1% during this same period and faster than national trends which have shown an increase of only 0.5-1%. Additionally, while house prices have decreased by 10% since 2007 (the peak year for housing prices), they still remain above their pre-recession levels by almost 20%. While it is too early to say for sure whether or not this trend will continue into future years, it seems likely that at least some degree of recovery will take place over time in the 7718 zip code