08553, Rocky Hill, NJ

Rocky Hill is a suburb of Newark, NJ with a population of around 50,000. The median home value in the 8553 zip code is $269,900 and the median home equity is $130,000. Home prices have been increasing steadily in the 8553 zip code since 2007. In 2016, the average home value was up 9% from 2015 and 27% from 2007.

The main drivers of home prices in Rocky Hill are demand and supply. There is strong demand for homes in this area because it is close to major metropolitan areas (Newark and Jersey City), has good schools, and is relatively affordable compared to other areas of New Jersey. Additionally, there are limited available properties due to zoning restrictions that protect residential neighborhoods from being turned into commercial or industrial zones. This has led to increased competition among buyers for available properties, which has driven up prices over time.

There are also some factors that could potentially impact home prices in the 8553 zip code over time. For example, if there were a large number of people moving into or out of the area, or if there were any significant changes to local economic conditions (e.g., an increase in unemployment rates), then prices could potentially decline over time.