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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Jersey City, NJ Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Jersey City, NJ Housing Market Trends

With a population of 286,670, 119,278 total housing units (homes and apartments), and a median house value of $624,961, real estate costs in Jersey City are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.

Large apartment complexes or high rise apartments are the single most common housing type in Jersey City, accounting for 52.46% of the city's housing units. Other types of housing that are prevalent in Jersey City include duplexes, homes converted to apartments or other small apartment buildings ( 33.27%), row houses and other attached homes ( 7.52%), and a few single-family detached homes ( 6.69%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

Jersey City is dominated by renter-occupied one, two, or no bedrooms apartments. 71.01% of Jersey City's dwellings are rentals.

The housing in Jersey City was primarily built before 1939 ( 29.63%), making the housing stock in Jersey City some of the oldest overall in America, although there is a range of ages of homes in Jersey City. The next most important housing age is between 2000 and later ( 25.66%), followed by between 1970-1999 ( 22.48%). There's also some housing in Jersey City built between 1940-1969 ( 22.23%).

Jersey City Home Appreciation Rates

In the last 10 years, Jersey City has experienced some of the highest home appreciation rates of any community in the nation. Jersey City real estate appreciated 129.42% over the last ten years, which is an average annual home appreciation rate of 8.66%, putting Jersey City in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Jersey City definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Jersey City's appreciation rate, at 4.85%, has been at or slightly above the national average. In the latest quarter, Jersey City's appreciation rate has been 0.41%, which annualizes to a rate of 1.66%.

Relative to New Jersey, our data show that Jersey City's latest annual appreciation rate is lower than 70% of the other cities and towns in New Jersey.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Jersey City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Jersey City - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Jersey City real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$624,961

Jersey City, NJ Home Prices
> $1,235,000
$926,001 - $1,235,000
$617,001 - $926,000
$494,001 - $617,000
$370,001 - $494,000
$247,001 - $370,000
$123,001 - $247,000
$61,001 - $123,000
$0 - $61,000
12.0%
12.0%
12.8%
12.8%
28.0%
28.0%
16.5%
16.5%
14.2%
14.2%
9.8%
9.8%
2.9%
2.9%
0.8%
0.8%
3.1%
3.1%
0% 100.0%
% of Homes
High

for New jersey

Very High

for nation

Number of Homes And Apartments:

119,278

Jersey City Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,071 / per month

Homeownership Rate

Owners
Renters
29.0%
29.0%
71.0%
71.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
7.6%
7.6%
92.4%
92.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
25.7%
25.7%
22.5%
22.5%
22.2%
22.2%
29.6%
29.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
6.7%
6.7%
7.5%
7.5%
33.3%
33.3%
52.5%
52.5%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
7.5%
7.5%
29.7%
29.7%
34.3%
34.3%
21.6%
21.6%
5.0%
5.0%
2.0%
2.0%
0% 100.0%
% of Homes