07042 — Essex County, New Jersey Market Snapshot
Housing market data for zip code 07042 in Essex County, New Jersey. Updated monthly with median prices, days on market, and more.
Market Sales Data
53 sales in 2026 (year to date)
Median Sale Price
$1,300,000
Days to Sell
28
Homes Sold
53
Inventory
44
Sale-to-List
119.4%
New Listings
112
Price/SqFt
$552
Pending Sales
87
Jumbo Loan Likely Needed
The median home in 07042 at $1,300,000 exceeds the 2026 conforming loan limit of $1,209,750 by $90,250. Most buyers here will need jumbo loans, which typically require higher credit scores, larger down payments, and come with different rate pricing.
Market Insights
Market Temperature
Homes in 07042 are moving quickly at 28 days on market, indicating healthy buyer demand. Well-priced homes are likely seeing multiple offers.
Sale-to-List Ratio
Homes in 07042 are selling 19.4% above asking price on average, signaling strong competition. Buyers should budget above list price.
Conforming Loan Feasibility
The median home in 07042 at $1,300,000 exceeds the 2026 conforming loan limit of $1,209,750 by $90,250. Most buyers here will need jumbo loans, which typically require higher credit scores, larger down payments, and come with different rate pricing.
Loan limits in 07042 are set at the county level.
2026 Loan Limits — Essex County
| Property Units | Conforming Limit | FHA Limit |
|---|---|---|
| 1 Unit | $1,209,750 | $1,249,125 |
| 2 Units | $1,548,975 | $1,599,375 |
| 3 Units | $1,872,225 | $1,933,200 |
| 4 Units | $2,326,875 | $2,402,625 |
Affordability Snapshot — Zip 07042
To purchase the median home at $1,300,000 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $10,110.
Monthly Payment
$10,110
Income Required
$433,294
Principal & Interest
$8,010/mo
Down Payment (5%)
$65,000
Based on 30-year fixed at 6.75%, 1.8% property tax, $1,800/yr insurance, 28% DTI guideline.
Mortgage Calculator
Estimate your monthly payment for a home in 07042.
Estimated Monthly Payment
$8,195
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