Market Overview
Home Prices in Prospect Park, NJ
The median home value in Prospect Park, NJ is $547,014 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 3.5% compared to a year ago and up 4.7% from two years prior.
Compared to the U.S. national median of $410,000, homes in Prospect Park are priced33% above average. Prospect Park is part of the New York-Newark-Jersey City, NY-NJ-PA metro area.
Over the past five years, Prospect Park home values have risen by approximately37.3%, reflecting strong long-term appreciation in this market.
Price History
Prospect Park Home Price Trend
City Comparison
Prospect Park vs. National Median
At $547,014, homes in Prospect Park cost 33% above the national median of $410,000. Buyers in Prospect Park should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Prospect Park?
20% Down Payment
$109,403
on $547,014
Monthly P&I
$2,853/mo
30-yr @ 6.8%
Total Monthly Est.
~$3,623/mo
incl. taxes & insurance
Income Needed
$144,920
gross annual (30% rule)
10% Down Option
$54,701
+ PMI applies
Loan Amount (20% dn)
$437,611
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 Prospect Park, NJ?
The median home value in Prospect Park is $547,014 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 3.5% year-over-year.
How much have home prices changed in Prospect Park?
Over the past year, home values in Prospect Park have increased by 3.5%. Over five years, prices have risen approximately 37.3%.
How much do I need to earn to buy a home in Prospect Park?
To comfortably afford the median home price of $547,014 with a 20% down payment ($109,403) at today's rates (6.8%), you'd need a gross annual income of approximately $144,920. This assumes keeping total housing costs at or below 30% of gross income.
How does Prospect Park compare to the national average home price?
The national median home value is approximately $410,000. At $547,014, homes in Prospect Park are 33% above the national average.
What metro area is Prospect Park part of?
Prospect Park 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.