Cranford, NJ 07016 Real Estate Market Report

ZIP Code: 07016
Report Date: April 2026
Market Temperature: HOT
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

As of April 2026, the real estate market in Cranford, NJ is characterized by a median sold price of $728,500, reflecting a robust market driven by high demand and limited inventory. The neighborhood has increased up since 2023, indicating strong price appreciation. The median days on market stands at 296, suggesting slower sales velocity, which may indicate a market adjusting to elevated inventory levels relative to sales activity.

The current median listing price is $757,000, creating a notable gap compared to the sold price, which may reflect seller expectations versus market realities. With elevated inventory levels observed, the market temperature is classified as hot, yet the median market rent of $3,200 shows a down trend year-over-year, hinting at potential shifts in rental demand. Overall, the market remains dynamic, with pricing pressures and liquidity challenges influencing buyer behavior.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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Property Taxes

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Liquidity & Velocity

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Market Trends & Context

Understanding Market Temperature

A Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Cranford, NJ are averaging 6.38%, which is 0.4% higher than the 2026 average of 6.10%.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The median sold price of $728,500 indicates strong market demand despite slower sales velocity.

2. With a median days on market of 296, the market is experiencing slower transaction volume, suggesting potential pricing friction.

3. The median listing price of $757,000 reflects seller expectations that may not align with current market realities.

4. The median market rent is $3,200, which has shown a down trend year-over-year, indicating potential shifts in rental demand.

5. Current interest rate pressure is elevated, which may impact buyer purchasing power and overall market activity.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.