Market Intelligence · NJ / Madison

Madison, NJ 07940 Housing Market

The typical home in Madison, NJ 07940 is worth $1,061,502, up 8.5% over the past year. Homes are currently listed at a median price of $1,169,750 and spend a median of 19 days on the market.

Updated September 2026Median value$1062K

The median home value in Madison, NJ 07940 is $1.06M as of September 2026, up 8.5% year over year, according to Zillow ZHVI. For a read on your own home, start with a free consultation: a licensed local pro will walk you through your numbers and your options, with no obligation.

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Typical 07940 range

$977K to $1.15M

This is an automated estimate, not an appraisal. Actual value is determined by current market conditions and professional evaluation. It is provided for informational purposes only and is not an offer to buy or a promise of value.

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12-month value trend

+8.5% over 12 months

Sep 2025$978K

Low $978KHigh $1.06M

Sep 2026$1.06M

The numbers

What is the 07940 housing market like?

As of September 2026

Typical home value

$1.06M

8.5%YoY

Median list price

$1.17M

7.8%MoM

Days on market

34.5%MoM

Homes for sale

45.5%MoM

Price cuts

7.1%

25.0%MoM

New listings

350.0%MoM

Sources · Zillow ZHVI (September 2026) / Realtor.com (September 2026) / FRED (October 2026)

The outlook

07940 housing market forecast 2027

+2.9%

Zillow forecast, 12 months to September 2027

Zillow forecasts typical home values in 07940 to rise 2.9% by September 2027.

Over the 12 months through September 2026, typical home values in 07940 rose 8.5%, per the Zillow Home Value Index.

Will home prices drop in 07940?

Zillow's forecast does not call for a drop: it expects typical home values in 07940 to rise 2.9% by September 2027, after a 8.5% rise over the past 12 months. Forecasts are not guarantees: mortgage rates, inventory, and the wider economy can move values either way.

Forecast: Zillow Home Value Forecast, published October 2026. A forecast, not a guarantee.

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The comparison

How do 07940 home prices compare?

07940$1,061,502
Madison$1,061,502
New Jersey$575,161
United States$285,347

Median Zillow home value (ZHVI), as of September 2026. Comparison levels are medians across every ZIP code with Zillow data (Madison: 1 ZIP; New Jersey: 547 ZIPs; United States: 26,262 ZIPs).

Context

Madison's housing market is active, with 18 new listings and 16 homes for sale in September 2026. The median list price of $1,169,750 sits above the typical home value, and homes are moving relatively quickly at 19 days on market. Only 7.1% of listings have seen a price cut, suggesting steady buyer interest. For sellers, the brisk pace and limited inventory are favorable, though pricing strategically remains important given the gap between list and typical values.

Monthly payment

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Home price

Down payment20% · $212,300

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Common questions

What people ask us.

What is the typical home value in Madison 07940?

The typical home value is $1,061,502, up 8.5% over the past year as of September 2026.

How many homes are currently for sale in Madison 07940?

There are 16 homes for sale and 18 new listings in the market as of September 2026.

How long do homes typically stay on the market in Madison 07940?

Homes spend a median of 19 days on the market in this area.

Discover

Nearby ZIP markets.

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