Asbury Park, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Asbury Park Neighborhoods Since 2000




Asbury Park, NJ Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Asbury Park Housing Market Information

With 15,818 people, 6,793 houses or apartments, and a median cost of homes of $346,872, real estate costs in Asbury Park 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 Asbury Park, accounting for 50.92% of the city's housing units. Other types of housing that are prevalent in Asbury Park include duplexes, homes converted to apartments or other small apartment buildings ( 24.75%), single-family detached homes ( 22.67%), and a few row houses and other attached homes ( 1.67%). 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.

Asbury Park is dominated by renter-occupied one, two, or no bedrooms apartments. 80.13% of Asbury Park's dwellings are rentals.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Asbury Park's housing was primarily built during this period, from the '40s through the '60s. A full 40.21% of the city's housing hails from this era. Other housing ages represented in Asbury Park include homes built before 1939 ( 30.92%) and housing constructed between 1970-1999 ( 19.93%). There's also some housing in Asbury Park built between 2000 and later ( 8.93%).

Vacant housing appears to be an issue in Asbury Park. Fully 18.04% of the housing stock is classified as vacant. Left unchecked, vacant Asbury Park homes and apartments can be a drag on the real estate market, holding Asbury Park real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Asbury Park Home Appreciation Rates

Asbury Park's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Asbury Park during the period has been just -1.34%, which is lower than 80% of US communities.

Over the last year, Asbury Park appreciation rates have trailed the rest of the nation. In the last twelve months, Asbury Park's appreciation rate has been 2.96%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Asbury Park were at 0.66%, which equates to an annual appreciation rate of 2.68%.

Relative to New Jersey, our data show that Asbury Park's latest annual appreciation rate is higher than 50% 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 Asbury Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Asbury Park - 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 Asbury Park real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$346,872

Asbury Park, NJ HOME PRICES

Value Range
> $1,108,000 0.0
$831,001 - $1,108,000 1.7
$554,001 - $831,000 13.5
$443,001 - $554,000 7.9
$332,001 - $443,000 24.9
$222,001 - $332,000 23.9
$111,001 - $222,000 20.8
$55,001 - $111,000 2.7
$0 - $55,000 4.6

Average for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
12.4223602484472 52.6422764227642

Number Of Homes And Apartments:
6,793

Asbury Park Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
77.77% 3.39% 9 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,535 / per month

Homeownership Rate

Homeownership
Owners 19.87
Renters 80.13
Vacant 18.04

Housing Market Details

 

Age of Homes

AGE OF Asbury Park HOMES
2000 or Newer 8.9
1970 - 1999 19.9
1940 - 1969 40.2
1939 or Older 30.9

Types of Homes

TYPE OF Asbury Park HOMES
Single-Family 22.7
Townhomes 1.7
Small Apt. Buildings 24.7
Apt. Complexes 50.9
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Asbury Park HOMES
No Bedroom 4.36
1 Bedroom 41.69
2 Bedrooms 26.05
3 Bedrooms 18.83
4 Bedrooms 6.99
5 or more bedrooms 2.09