Home Values in Elizabeth, New Jersey — 2026 Market Report
Updated March 2026 | Seller's Market | +2.3% YoY
The median home value in Elizabeth, New Jersey is $395,000 as of March 2026, which is near the national median of $400,000. Home values in Elizabeth have increased by 2.3% over the past year and 12% over the last five years. With a population of 137,298 and a median household income of $42,250, the price-to-income ratio stands at 9.3x, making Elizabeth affordable for the average household.
Elizabeth Housing Market Conditions
| Metric | Elizabeth | National Avg |
|---|---|---|
| Median Home Value | $395,000 | $400,000 |
| YoY Appreciation | +2.3% | +3.8% |
| 5-Year Appreciation | +12% | +22.4% |
| Price per Sq Ft | $250 | $222 |
| Days on Market | 41 days | 45 days |
| Months of Supply | 2.8 | 3.5 |
| List-to-Sale Ratio | 100.1% | 98.5% |
| Monthly Homes Sold | 56 | — |
| Foreclosure Rate | 0.32% | 0.3% |
Home Value Trends in Elizabeth
A homeowner who purchased at the median price of $352,679 five years ago in Elizabeth would have gained approximately $42,321 in equity, representing a 12% return on investment. Over the past year alone, the typical homeowner gained $8,881 in home equity.
Affordability in Elizabeth, NJ
With a median household income of $42,250 and a median home price of $395,000, the price-to-income ratio in Elizabeth is 9.3x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $2,106 compared to estimated monthly ownership costs of $2,605 gives a rent-vs-buy ratio of 1.24. In Elizabeth, renting may be more cost-effective in the short term, though homeownership builds long-term wealth.
Property Taxes in Elizabeth
The effective property tax rate in New Jersey is 2.21%. On a home valued at $395,000, the estimated annual property tax bill is $8,730, or approximately $728/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Elizabeth is 115.5 (100 = national average), indicating living costs are above the national average.
Calculate Your Mortgage Payment in Elizabeth
Use our free calculator to estimate monthly payments for a $395,000 home
Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Elizabeth, NJ?
The median home value in Elizabeth, New Jersey is $395,000 as of March 2026. Home values have changed +2.3% over the past year, with a 5-year appreciation of 12%.
Is Elizabeth a buyer's or seller's market?
Elizabeth is currently a seller's market with 2.8 months of housing supply. Homes spend an average of 41 days on market, and the list-to-sale price ratio is 100.1%. Low inventory gives sellers an advantage.
Are home values going up in Elizabeth?
Yes, home values in Elizabeth have increased by 2.3% over the past year. The 5-year appreciation rate is 12%, meaning a home worth $352,679 five years ago is now worth $395,000.
Is it better to rent or buy in Elizabeth?
The average monthly rent in Elizabeth is $2,106, while estimated monthly homeownership costs are approximately $2,605. The price-to-rent ratio is 15.6. Current conditions suggest renting may be more affordable in the short term, though homeownership builds equity over time.
Home Values in Other New Jersey Cities
Related Resources
Disclaimer: Home value data for Elizabeth, New Jersey is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.