Millburn NJ (07041) Housing Market 2026: Prices, Supply, Taxes

Millburn's 07041 ZIP code is a small market. Redfin counted 81 sales in the 12 months ending May 2026, about the same as each of the two years before. The change was in price per square foot. The sales-weighted median rose from about $629 to about $727, roughly 16%. That is now level with Short Hills (07078), the other half of Millburn Township, at about $725.

Short Hills has not become cheaper. The two ZIP codes sell different houses. The typical 07041 sale closed near $1.37 million over the last year, against about $2.36 million in 07078. Millburn's lower price comes from smaller homes, not a lower rate per foot, while both share one school district and one rail line.

Supply is the other part of the story. Only 22 new listings came to market in the March to May 2026 window, down about 42% from 38 a year earlier. Homes that did list sold in a median of 12 days at 105.5% of list price on average. Those figures predate the recent rise in rates: Freddie Mac's 30-year average reached 7.03% on September 24, 2026.

What 07041 covers, and how to read the numbers

Millburn Township has two ZIP codes. 07041 is Millburn proper: the downtown along Millburn Avenue and Main Street, Millburn station, and the surrounding residential streets. Short Hills (07078) has its own article on this site. Market figures below come from the Redfin Data Center for ZIP 07041 unless stated otherwise.

Redfin's ZIP data comes as rolling three-month windows. A "May 2026" figure covers March through May, and its sales figure is a three-month count. Most windows hold 10 to 36 sales, so one large or small house can move the median sharply. The January 2026 window's $1.625 million median, for example, rested on 12 sales. This article therefore leans on 12-month figures built from four non-overlapping windows, and on price per square foot, which is less sensitive to the mix of house sizes.

Two years of prices and mortgage rates

Source: Redfin, ZIP 07041, all residential. Each figure is the sales-weighted average of four quarterly windows, an approximation of the annual value.

The median sale price rose about 13% in the year to May 2025 and about 11% in the year to May 2026. Price per square foot rose about 4% and then about 16%. In the first year, larger houses selling drove much of the gain. In the second, the same kind of house cost more.

When rates moved, what happened here

The rate swings show up in 07041's competition figures more than in its prices.

• September 2024, rates at a two-year low. The 30-year fixed hit 6.08% on September 26, 2024, according to Freddie Mac's PMMS. The July to September 2024 window had 30 sales at a $1.34 million median, 105.9% of list on average, and 67% sold above asking.
• January 2025, rates at 7.04%. The window ending February 2025 was the only one in three years to average below list, at 99.0%, with 23% sold over asking and a 54-day median time on market. The median fell to $860,000, but with 13 sales much of that reflects which homes sold.
• February 2026, rates briefly under 6%. Freddie Mac recorded 5.98% on February 26, 2026. Comparing December to February windows year over year, days on market were similar (54 vs. 48). But sale-to-list rose from 99.0% to 102.6%, and the share sold above list from 23% to 60%. Lower rates did not bring more sales (10 in the 2026 window), but they brought firmer prices.

Sellers held pricing when rates fell. The one clear buyer pullback in this data came in winter 2024–25, when rates were near 7%. Today's 7.03% is the first reading above 7% since January 2025.

By property type

Single-family homes are almost the whole market. All 19 sales in the March to May 2026 window were single-family, at a $1.45 million median and about $798 per square foot, up from $1.42 million and about $688 a year earlier.

Other types are too thin to show trends. Redfin records one to four condo or co-op sales per window in 2023 to 2025, mostly between about $310,000 and $550,000. Two-to-four-family homes trade once or twice per window, most recently $1.54 million in the window ending April 2026. They averaged 88% to 97% of list in every window since early 2025, the opposite of the single-family pattern. Pricing either type requires individual comparable sales, not medians.

Supply: the spring 2026 listing drought

Active listings in 07041 ranged from 5 to 18 in every window from August 2023 to May 2026. In May 2026 there were 11, including 6 single-family homes. Redfin doesn't publish months of supply for this ZIP. At 81 sales a year (about 6.75 a month), 11 listings is roughly 1.6 months. Essex County overall had 3.1 months in May 2026.

New listings fell about 17% in the latest year, and pending sales fell about 30%. The spring window, when this market does most of its business, shows it sharply. It had 35 new listings in 2024, 38 in 2025 and 22 in 2026, with pending sales of 29, 35 and 21.

Prices rose against that thin supply. The median list price in the March to May 2026 window was about $1.60 million, against $1.29 million a year earlier, so the homes that did list also skewed pricier. The data does not show why owners listed less. Rate lock-in is a common explanation regionally, but ZIP data cannot confirm it here.

Competition compared with Essex County

By some measures Millburn proper is less competitive than the county. In May 2026, Essex County single-family homes sold at 111.4% of list on average, 76.6% of them above asking. The 07041 single-family window ending May 2026 showed 105.5% and 63%. One possible reason is price level: percentage overbids may be harder to sustain at $1.4 million than at the county's $800,000 single-family median. Homes here still go fast: 57% of homes in the latest window went off market within two weeks. But the average sale closed about 5.5% over asking, against about 11% countywide.

Housing stock and what a budget buys

Redfin's counts show 07041 as overwhelmingly single-family. This article gives no figure on housing age because a current source could not be confirmed.

Dividing the weighted median price by median price per square foot gives about 1,885 square feet for a typical 07041 sale. The same method gives about 3,250 in Short Hills and 2,240 in Livingston. A ratio of two medians is only a rough indicator, but the gap is large.

• Under $1 million: mainly condos and occasional small houses. Single-family window medians have been above $1.1 million for the past year.
• $1.1 million to $1.5 million: the core of recent single-family sales.
• About $1.55 million to $1.75 million: where single-family median asking prices sat in the 2026 windows. The latest window's median list price was about $1.76 million.

Millburn vs. Short Hills vs. Livingston

Source: Redfin ZIP-level data, same method for all three.

Millburn vs. Short Hills. They share a township, schools, tax rate and rail line, and now the same price per square foot. Two years earlier Millburn sold at about $606 against about $623 in Short Hills. A buyer choosing Millburn for the same district at a lower price gets it with a smaller house, not a discount on the same house.

Millburn vs. Livingston. Livingston's median is somewhat lower, and its price per square foot is about 25% lower. It has about four times the volume and a median of roughly 56 days on market, so buyers who need more space at $1.2 to $1.4 million will find more choice. The trade-offs are a different school district and no train station in town.

Cost of ownership

Property tax

Millburn Township's 2025 general tax rate was $2.019 per $100 of assessed value, with a 77.97% equalization ratio and a 1.571% effective rate, per the township's rate and ratio history. On a $1.45 million home, 1.571% is about $22,800 a year, or $1,900 a month. Actual bills depend on each property's assessment. The 2026 rate was not confirmed for this article. The township's 2026 budget presentation lists the 2025 municipal portion as $0.480, with the rest going to schools and the county. New Jersey's ANCHOR program has income limits, so check eligibility rather than assuming a benefit.

Transfer taxes on $1 million-plus sales

For deeds under contracts fully executed on or after July 10, 2025, under P.L.2025, c.71, New Jersey's fee on residential sales above $1 million (the "mansion tax") is paid by the seller. It is graduated: 1% of the full price from $1 million to $2 million, rising in steps to 3.5% above $3.5 million, on top of the regular realty transfer fee. The NJ Division of Taxation publishes the details, and sellers should confirm figures with their closing attorney. On a $1.45 million sale the fee is $14,500. Most Millburn sales fall in the 1% band, while the typical Short Hills sale, above $2 million, falls in a higher one.

Flood and insurance

The East Branch of the Rahway River runs through the township. Check any address on FEMA's Flood Map Service Center and get an insurance quote before bidding. Insurance is excluded from the payments below because no reliable local average was found.

Monthly payments and income needed

Example: $1,450,000 price, 20% down ($290,000), $1,160,000 30-year fixed loan, tax at 1.571% ($1,898 a month), insurance excluded. Income needed assumes housing costs of 28% of gross income.

The move from February's low to today's rate adds about $800 a month. Compare a September 2024 buyer. At that window's $1.3415 million median, with 20% down at 6.08%, principal and interest were about $6,490. Today's $1.45 million at 7.03% costs about $7,741, roughly $1,250 (19%) more per month.

A $1.16 million loan is well above the baseline conforming limit, so depending on the county's loan limit it will be priced as a high-balance or jumbo loan, and that pricing doesn't always track the PMMS average. Census income data can't settle affordability here either. Judy Zhou's Millburn area guide lists the township's median household income as $250,000-plus, the top of the Census reporting range, so the true figure isn't published. By the 28% rule, the typical 07041 house needs roughly $380,000 to $415,000 of household income with 20% down. Many buyers at this level rely on equity from a prior home.

Schools

Millburn and Short Hills share Millburn Township Public Schools. According to the district's registration page, the structure is:

• Five K–4 elementary schools. South Mountain and Wyoming have Millburn addresses; Deerfield, Glenwood and Hartshorn have Short Hills addresses.
• Washington School for all fifth graders in the township.
• Millburn Middle School (grades 6–8).
• Millburn High School (grades 9–12).

Washington School serves all township fifth graders rather than one neighborhood. Elementary attendance boundaries do not necessarily follow ZIP lines, so confirm the zone for the exact address with the district.

Judy Zhou's Millburn area guide cites Niche's 2026 ranking of the district at #10 in New Jersey. That third-party ranking was not re-verified here. Official data is in the NJ School Performance Reports, and U.S. News publishes its own rankings.

Commute and downtown

Millburn station is on NJ Transit's Morris & Essex Lines, with Midtown Direct trains to New York Penn Station. Judy Zhou's Millburn area guide lists about 35 minutes, but run times vary by train, so check the current timetable for your hours. The draw of 07041 is the ability to walk to the station, downtown shops and restaurants, and the Paper Mill Playhouse, with Taylor Park and South Mountain Reservation nearby. Downtown is also where the township's most contested housing site sits.

Affordable housing and development

9 Main Street. Gothamist has covered a proposed 75-unit, 100% affordable development on the township's public works site at 9 Main Street, about a block from downtown and the station. According to Gothamist, Superior Court Judge Cynthia Santomauro adopted a special master's recommendation ordering the township to proceed. She noted that officials had stalled for three years and then withdrawn from a 2021 agreement. Gothamist also reported an order that Millburn pay roughly $115,000 to the developer and the housing nonprofit in the case. Later coverage described Fair Share Housing Center seeking an order for the township to cover remaining costs. The project's status as of September 2026 could not be confirmed.

Fourth Round (2025–2035). The state's calculation put Millburn's prospective need at 555 units, as TAPinto reported. The township's affordable housing page says an April 7, 2025 court order set 0 units of present need and 533 of prospective need, and that the Planning Board adopted the Fourth Round plan on June 18, 2025. Implementing ordinances followed in early 2026, including Ordinance 2731-26 and Ordinance 2734-26 for the OR-1 and OR-3 zones. LocalLens reported that the township's analysis found limited available land.

The obligation number is not a construction count. Compliance usually runs through zoning for multifamily projects with an affordable share. In a ZIP with 5 to 18 active listings, a few such projects near the station could add noticeably to condo and rental supply, with little direct effect on single-family homes. Buyers next to a named site should read the plan.

Strategy for buyers

• Choose between space and location. Per square foot, 07041 is no longer cheaper than Short Hills. For more space, compare Short Hills at similar price per foot, or Livingston at about 25% less.
• Be financed before spring. With 22 new listings in the whole spring 2026 window, get a fully underwritten pre-approval before house-hunting.
• Expect list price or modestly above. Latest single-family sales averaged 5.5% over list, while the last two December to February windows ran 99% to 103%. If fall 2026 behaves like winter 2024–25, when rates were last above 7%, buyers may have more room.
• Check the elementary zone and flood status for the exact address before contracting.

Strategy for sellers

• Price per square foot, not the headline median. The 12-month figure of about $727 and the latest single-family window's $798 are better anchors than one window's median.
• Include the seller-paid mansion tax. It is $14,500 on a $1.45 million sale, before the regular transfer fee and commissions.
• Expect longer marketing in the cold months. The data ends in May, before rates returned above 7%. In the December to February windows of the last two winters, median days on market was 48 to 54.

Outlook for the next 6–12 months

This is a conditional view, not a forecast.

What supports firm prices: 6 single-family listings in May 2026, a steep drop in new listings, and buyers who kept bidding above list through spring 2026. Price per square foot rose about 16% in a year when rates stayed below 7% and briefly fell under 6%.

What argues for softening: in winter 2024–25, 07041 responded to rates near 7%. Sale-to-list fell below 100%, and above-list sales dropped to about a quarter. Rates are at that level again, and pending sales in the latest year were 30% below the prior year.

What would change the view:

• Rates falling toward 6% before spring 2027.
• Spring new listings recovering to the 35 to 38 of 2024–25.
• New multifamily zoning or construction starts downtown.
• A 2026 tax rate increase or a revaluation. The 77.97% equalization ratio means assessments lag market values, so a revaluation could shift individual bills.

Watch Redfin's September to November 2026 windows. If sale-to-list stays above 103% with rates over 7%, the market has absorbed the increase. A drop toward 100% would repeat the 2024–25 pattern.

FAQ

Is Millburn cheaper than Short Hills?

By total price, yes: about $1.37 million vs. $2.36 million (12-month weighted medians). By price per square foot, no: both were about $725 in the year to May 2026.

Do Millburn and Short Hills share schools?

Yes, through Millburn Township Public Schools. Five K–4 elementaries feed Washington School (grade 5), Millburn Middle School and Millburn High School.

What is the property tax on a Millburn home?

The 2025 effective rate was 1.571%, about $22,800 a year on a $1.45 million home. Actual bills depend on the assessment.

How many homes are for sale at a time?

Few. Active listings in 07041 ranged from 5 to 18 between August 2023 and May 2026. May 2026 had 11.

Who pays the NJ mansion tax?

For contracts fully executed on or after July 10, 2025, the seller pays, starting at 1% of the full price for $1 million to $2 million sales.

Sources

• Redfin Data Center: ZIP 07041, 07078, 07039 and Essex County data through May 2026
• Freddie Mac Primary Mortgage Market Survey (PMMS)
• Millburn Township: Tax Rate and Ratio History
• Millburn Township: 2026 Municipal Budget Presentation
• Millburn Township: Affordable Housing Information
• Millburn Township: Ordinance 2731-26
• Millburn Township: Ordinance 2734-26
• TAPinto Millburn/Short Hills: Fourth Round obligation
• LocalLens: Millburn affordable housing settlement
• Gothamist: Judge orders affordable housing downtown
• Gothamist: Order to pay $115K
• Gothamist: Millburn back in court
• Millburn Township Public Schools: New Student Registration
• NJ School Performance Reports
• U.S. News: Millburn Township School District
• NJ Transit
• NJ Division of Taxation
• NJ ANCHOR Program
• FEMA Flood Map Service Center