Westfield, NJ 07090 Real Estate Market Report

ZIP Code: 07090
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 Westfield, NJ is characterized by a median sold price of $1,052,000, reflecting a robust demand and a competitive atmosphere. The neighborhood has increased 15% since 2023, indicating strong appreciation in home values. This upward trend in sold prices suggests that buyers are willing to pay a premium for properties in this area, despite the median listing price being significantly higher at $1,199,000.

The market exhibits elevated inventory levels, with a notable median days on market of 259 days, suggesting a slower sales velocity relative to the strong demand. This may indicate a potential pricing friction where sellers' expectations are not fully aligned with buyer willingness, leading to a more cautious approach in negotiations. Overall, the market remains hot, driven by high incomes and desirable amenities, although the elevated interest rate pressure may impact future buyer activity.

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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

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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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 Westfield, NJ are averaging 6.38% as of March 26, 2026, which is 0.26% higher than the 6.12% average from March 2025.

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 $1,052,000 reflects a strong demand and appreciation in home values within the area.

2. With a median listing price of $1,199,000, there appears to be a significant gap between asking prices and sold prices, indicating potential pricing friction in negotiations.

3. The median days on market of 259 suggests a slower sales velocity, which may be a result of elevated inventory levels relative to sales activity.

4. The market temperature is classified as hot, driven by high incomes and desirable amenities, despite elevated interest rate pressure.

5. The median market rent is $3,150, which shows variability in rental trends, potentially affecting investment strategies in the area.

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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.