It happened on River Street around 3:30 a.m. Wednesday.
A second person shot is said to be injured, but the extent of their injuries are not yet known.
Officials said although a suspect is not in custody, the Red Bank Police Department does not believe there is an ongoing threat to the public.
Witnesses say the suspect ran away from the home after the shooting.
Neighbors say the victims had recently moved into the house and police had been called to the home on other occasions.
Residents were asked to avoid the area as investigators spent hours in the heat. The sidewalk in front of the house was covered with yellow evidence markers.
Few other details were released.
Anyone with information is being asked to contact MCPO Detective Kayla Santiago at 800-533-7443 or Red Bank Police Detective Mike Zadlock at 732-530-2700.
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