Market Overview
Home Prices in New Milford, NJ
The median home value in New Milford, NJ is $754,236 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 9.1% compared to a year ago and up 3.7% from two years prior.
Compared to the U.S. national median of $410,000, homes in New Milford are priced84% above average. New Milford is part of the New York-Newark-Jersey City, NY-NJ-PA metro area.
Over the past five years, New Milford home values have risen by approximately37.7%, reflecting strong long-term appreciation in this market.
Price History
New Milford Home Price Trend
City Comparison
New Milford vs. National Median
At $754,236, homes in New Milford cost 84% above the national median of $410,000. Buyers in New Milford should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in New Milford?
20% Down Payment
$150,847
on $754,236
Monthly P&I
$3,934/mo
30-yr @ 6.8%
Total Monthly Est.
~$4,996/mo
incl. taxes & insurance
Income Needed
$199,840
gross annual (30% rule)
10% Down Option
$75,424
+ PMI applies
Loan Amount (20% dn)
$603,389
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in New Milford, NJ?
The median home value in New Milford is $754,236 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 9.1% year-over-year.
How much have home prices changed in New Milford?
Over the past year, home values in New Milford have increased by 9.1%. Over five years, prices have risen approximately 37.7%.
How much do I need to earn to buy a home in New Milford?
To comfortably afford the median home price of $754,236 with a 20% down payment ($150,847) at today's rates (6.8%), you'd need a gross annual income of approximately $199,840. This assumes keeping total housing costs at or below 30% of gross income.
How does New Milford compare to the national average home price?
The national median home value is approximately $410,000. At $754,236, homes in New Milford are 84% above the national average.
What metro area is New Milford part of?
New Milford is part of the New York-Newark-Jersey City, NY-NJ-PA metropolitan area. Home prices and market conditions can vary across the broader metro region.