Elizabeth Home Prices: $519K, Up 3.2% — 4 ZIPs Analyzed (2026)

$518,562. That’s what a typical home costs in Elizabeth, NJ as of February 2026. Prices are up 3.2% year over year, and the 12-month trend shows monthly gains without a single pullback.

Quick answer: The average home price in Elizabeth, NJ is $518,562 as of February 2026, up 3.2% year over year according to Zillow.

Current Home Prices in Elizabeth

Elizabeth sits inside the New York–Newark–Jersey City metro. Home values here are measured across four ZIP codes, with a citywide median of $518,562.

The spread between the cheapest and priciest ZIP is about $72K — narrow for a New York metro city. That tells you Elizabeth is fairly uniform in pricing. You won’t find the extreme neighborhood-by-neighborhood swings you’d see in Newark or Jersey City.

The 3.2% annual gain sits below the double-digit jumps Elizabeth saw during the pandemic run-up. It also sits above flat markets in other parts of the Northeast. Call it steady appreciation.

One number worth flagging: the gap between the lowest ZIP ($497,633) and the highest ZIP ($570,151) is about 14%. If you want to buy in Elizabeth, that 14% is essentially your affordability dial. Picking the right ZIP matters more than timing the market by a month or two.

Elizabeth Home Prices by Neighborhood

Here are all four Elizabeth ZIP codes ranked by average home value:

Most Expensive

• 07208 — $570,151. Sits nearly $52K above the city median and commands the highest rent at $2,500. It’s the clear premium ZIP in Elizabeth.
• 07206 — $505,781. Priced close to the city average, with rent at $2,260.
• 07202 — $500,683. Slightly below the median, with the lowest rent of the four ZIPs at $2,175.

Most Affordable

• 07201 — $497,633. The cheapest ZIP, sitting 4% below the city median. Rent runs $2,454 — higher than you’d expect for the lowest-priced area.
• 07202 — $500,683. Second cheapest. Low rent ($2,175) makes this the strongest renter-friendly ZIP.
• 07206 — $505,781. Third from the bottom. Prices and rents both hover near the city average.

Rent vs Buy in Elizabeth

Across the four Elizabeth ZIPs, rent averages $2,347 per month. The range goes from $2,175 (07202) to $2,500 (07208).

Now compare buying. A home at the $518,562 median, financed with 20% down at a 7% 30-year fixed rate, carries a principal-and-interest payment of roughly $2,760. Add property taxes (New Jersey averages over 2% of assessed value) and insurance, and your total monthly carry clears $3,400.

That’s a gap of more than $1,000 per month versus renting.

The math favors renting on pure monthly cost. Buying still makes sense if you plan to stay long enough for principal paydown and appreciation to offset the premium. With Elizabeth appreciating 3.2% annually, a $518K home gains about $16,500 a year in equity — enough to close the cost gap if you hold for several years.

Short-term renters: stick with renting. Long-term buyers: do the math on your time horizon.

Population Growth and Migration

Elizabeth added about 3,732 residents between 2020 and 2024 — a 2.7% gain.

Notice the dip in 2021. Population fell from 136,681 to 135,541, likely reflecting the pandemic-era outflow seen across the NYC metro. Since 2022, growth has resumed and accelerated — adding 2,249 residents in 2023 and another 2,368 in 2024.

How does Elizabeth compare to nearby cities?

Elizabeth grows faster than Newark and Clifton but slower than Bayonne, Jersey City, and East Orange. It’s middle of the pack. Steady inflows keep housing demand firm, which aligns with the 3.2% annual price gain.

Elizabeth Housing Market Trends

Here’s the 12-month price history:

Every month posted a gain. Not one down month in the past year.

Look closer and you’ll see momentum cooling. March-through-May 2025 added between $2,348 and $4,501 per month. The last three months (Dec–Feb) averaged just $591 per month. That’s a clear deceleration.

The total 12-month gain: $16,142, or roughly 3.2%. Consistent, not explosive.

Is Elizabeth a Good Place to Buy in 2026?

The data supports a cautious buyer’s stance.

Prices are rising, but slowly — and the pace is slowing further. The 3-month annualized rate is now under 2%, versus the full-year rate of 3.2%. That signals a market approaching balance rather than one running hot.

Buyers get three things working in their favor. One, appreciation is positive but modest, so you’re not overpaying into a bubble. Two, the city has only four ZIPs with a $72K spread, making comparison shopping simple. Three, population growth is steady, which supports long-term demand.

The cost-of-ownership math is the main challenge. At current rates, buying costs roughly $1,000 more per month than renting. You need a multi-year horizon to make the numbers work.

Sellers still have the upper hand on paper — every month in the past year closed higher. But with MoM gains shrinking to under $300 in the latest readings, that edge is fading.

Elizabeth Housing Market Outlook for 2026-2027

If the current pace continues, Elizabeth prices should grind higher through mid-2026 but at a slower rate than 2025.

The 3-month trend (Dec 2025 through Feb 2026) added just $1,773 total — an annualized pace of about 1.4%. That’s roughly half the full-year rate of 3.2%. Momentum is clearly cooling.

What that suggests for the next 3 to 6 months: continued small gains rather than a pullback. Elizabeth has not posted a single down month in the past 12, so a sudden reversal would break a long pattern. More likely is further deceleration — gains of a few hundred dollars per month, not a few thousand.

Longer term depends on mortgage rates and NYC-metro job trends, neither of which can be forecast from the housing data alone.

Similar Markets in NJ

If Elizabeth’s $518K median is outside your budget, here are nearby NJ markets worth checking:

• Newark — the large neighbor with slower population growth than Elizabeth.
• Paterson — another urban NJ market to compare on affordability.
• Plainfield — sits just southwest of Elizabeth in Union County.
• Jersey City — bigger, faster-growing, and typically pricier.
• Edison — a Middlesex County option for buyers open to leaving Union County.

Frequently Asked Questions

What is the average home price in Elizabeth?

The average home price in Elizabeth, NJ is $518,562 as of February 2026. That figure blends the Zillow Home Value Index across four ZIP codes, ranging from $497,633 in 07201 to $570,151 in 07208.

Are home prices going up or down in Elizabeth?

Prices are up 3.2% year over year. Every one of the last 12 months posted a gain, though the pace has slowed — the most recent three months added just $1,773 combined, versus gains of over $4,000 in some spring 2025 months.

Is it cheaper to rent or buy in Elizabeth?

Renting wins on monthly cost. Average rent runs $2,347 across the four ZIPs, while a mortgage on the $518,562 median home (20% down, 7% rate) plus taxes and insurance runs around $3,400. Buying catches up only if you hold long enough for equity and appreciation to offset the gap.

What is the most affordable neighborhood in Elizabeth?

ZIP 07201 is the cheapest at $497,633 — about 4% below the city median. ZIP 07202 is close behind at $500,683, and it has the lowest rent of any Elizabeth ZIP at $2,175 per month.

Methodology

Home values are based on the Zillow Home Value Index (ZHVI), a smoothed measure of typical home values in the 35th to 65th percentile range. Rent estimates use the Zillow Observed Rent Index (ZORI). Population figures come from the U.S. Census Bureau Population Estimates Program (2020-2024 vintage). All datasets are publicly available. Housing data updated 2026-02-28.