Is New Providence, NJ 07974 a buyer’s or seller’s market?
New Providence is a seller’s market. With about 0.7 months of supply and 91% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
#3 of 112 ZIP codes in Essex, Morris, Union, Sussex & Hunterdon, NJ, and #4 of 531 across all the markets we track.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. How the heat score works
The New Providence housing market right now
In the three months ending August 31, 2026, 91% of homes in New Providence, NJ 07974 sold above their list price, the typical home went under contract in 14 days and there were 0.7 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 44 home sales.
Compared with the same period a year earlier, the share selling over asking rose from 70%, homes sold faster (16 days then) and the median sale price rose 6% to $1,037,051. Overall, New Providence is more competitive than a year ago, so tougher for buyers.
Within Union County, homes here sell faster than in 88% of the county’s ZIP codes, and sell more often over asking than in any other ZIP code in the county. On our competition score, New Providence ranks #4 of 444 NJ ZIP codes with enough sales (score 98 out of 100).
Nearby, buyers who want less competition could look at Elizabethport 07206 (58% sold over asking) or Linden 07036 (59% sold over asking).
Run the numbers for 07974
Nearby markets
Berkeley Heights 07922Seller’s market $504 /sq ftClark 07066Seller’s market $413 /sq ftCranford 07016Seller’s market $469 /sq ftElizabeth 07201Balanced $296 /sq ft Browse all markets →Towns like New Providence nearby
Find towns like New Providence in other states →Where New Providence is
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Questions about New Providence real estate
Is New Providence a buyer’s or seller’s market?
A seller’s market: there were 0.7 months of supply in New Providence, NJ 07974 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in New Providence?
The typical home went under contract in 14 days in the latest three months.
Do homes in New Providence sell over asking?
91% of homes sold above their original list price, and the typical sale closed at 112.2% of the list price.
What are property taxes in New Providence?
About 2.05% of a home’s value a year in New Providence Boro, Union County, or roughly $8,196 on a $400,000 home.
What is the median home price in New Providence?
The median sale price was $1,037,051 in the three months ending August 31, 2026, about $549 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology