07078 — Essex County, New Jersey Market Snapshot
Housing market data for zip code 07078 in Essex County, New Jersey. Updated monthly with median prices, days on market, and more.
Market Sales Data
35 sales in 2026 (year to date)
Median Sale Price
$2,310,000
Days to Sell
11
Homes Sold
35
Inventory
26
Sale-to-List
106.5%
New Listings
69
Price/SqFt
$757
Pending Sales
62
Above Conforming Limit Estimate
At 5% down, the estimated base loan for the $2,310,000 median-priced home in 07078 is $2,194,500. The 2026 conforming limit is $1,209,750. The limit applies to the loan amount, not the home price. The estimated base loan is $984,750 above the limit. A base loan at or below the limit would require at least 47.7% down before financed costs. This estimate does not determine loan eligibility, approval, rate, fees, or mortgage insurance.
Market Insights
Market Temperature
The median listing-to-close time for the reported sales in 07078 is 11 days. Use this measure with the sale count, property type, condition, price range, and inventory. It does not predict competition or negotiation results for a specific home.
Sale-to-List Ratio
The reported average sale-to-list ratio in 07078 is 106.5%, or 6.5% above the last list price. This aggregate does not predict the sale price or appraisal for a specific home.
Conforming Loan Feasibility
At 5% down, the estimated base loan for the $2,310,000 median-priced home in 07078 is $2,194,500. The 2026 conforming limit is $1,209,750. The limit applies to the loan amount, not the home price. The estimated base loan is $984,750 above the limit. A base loan at or below the limit would require at least 47.7% down before financed costs. This estimate does not determine loan eligibility, approval, rate, fees, or mortgage insurance.
Loan limits in 07078 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 07078
To purchase the median home at $2,310,000 with 5% down at the assumed 6.75% rate, the estimated monthly payment is approximately $18,763.
Monthly Payment
$18,763
Income Required
$804,123
Principal & Interest
$14,233/mo
Property Tax
$3,465/mo
Home Insurance
$150/mo
Estimated PMI
$914/mo
Down Payment (5%)
$115,500
Assumes a 30-year fixed loan at 6.75%, 1.8% property tax, $1,800 annual insurance, and a 28% housing-to-income planning ratio. Planning estimate only. The income figure divides the displayed monthly housing estimate by a 28% housing-to-income ratio. It is not an approval rule. The mortgage insurance estimate uses 0.5% of the loan amount per year. Actual rates, taxes, insurance, mortgage insurance, HOA or condo dues, closing costs, repairs, utilities, other debts, and approval rules can differ. Compare actual terms and your Loan Estimate.
Mortgage Calculator
Estimate your monthly payment for a home in 07078.
Estimated Monthly Payment
$14,446
Above the conforming limit. The estimated loan amount exceeds the $1,209,750 limit for 07078. This comparison does not determine loan eligibility or approval.
Estimates only. Actual payments, taxes, insurance, mortgage insurance, rates, and loan terms can differ. This calculator is not a loan offer.
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