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 Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Asbury Park Housing Market Information

With 15,408 people, 6,721 houses or apartments, and a median cost of homes of $413,993, 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 52.64% of the city's housing units. Other types of housing that are prevalent in Asbury Park include single-family detached homes ( 22.59%), duplexes, homes converted to apartments or other small apartment buildings ( 22.54%), and a few row houses and other attached homes ( 2.24%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

Asbury Park is dominated by renter-occupied one, two, or no bedrooms apartments. 79.31% 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 34.21% of the city's housing hails from this era. Other housing ages represented in Asbury Park include homes built before 1939 ( 33.63%) and housing constructed between 1970-1999 ( 23.19%). There's also some housing in Asbury Park built between 2000 and later ( 8.97%).

Vacant housing appears to be an issue in Asbury Park. Fully 18.35% 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

Appreciation rates for homes in Asbury Park have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 30.76%, which ranks in the top 50% nationwide. This equates to an annual average Asbury Park house appreciation rate of 2.72%.

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 3.09%, 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 0.70%, which equates to an annual appreciation rate of 2.84%.

Notably, Asbury Park's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New Jersey, our data show that Asbury Park's latest annual appreciation rate is lower 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

 
info

Median Home Value:
$413,993

Asbury Park, NJ HOME PRICES

> $1,214,000
3.3%
3.3%
$910,001 - $1,214,000
4.6%
4.6%
$607,001 - $910,000
16.4%
16.4%
$485,001 - $607,000
11.8%
11.8%
$364,001 - $485,000
17.6%
17.6%
$243,001 - $364,000
25.6%
25.6%
$121,001 - $243,000
16.2%
16.2%
$61,001 - $121,000
1.7%
1.7%
$0 - $61,000
2.8%
2.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Average for NJ

Value Relative To Nation

Number Of Homes And Apartments:
6,721

Asbury Park Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
126.59% 4.02%
10
9
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$1,888 / per month

Homeownership Rate

Owners
20.7%
20.7%
Renters
79.3%
79.3%
Vacant
18.3%
18.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
9.0%
9.0%
1970 - 1999
23.2%
23.2%
1940 - 1969
34.2%
34.2%
1939 or Older
33.6%
33.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
22.6%
22.6%
Townhomes
2.2%
2.2%
Small Apt. Buildings
22.5%
22.5%
Apt. Complexes
52.6%
52.6%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
8.2%
8.2%
1 Bedroom
39.6%
39.6%
2 Bedrooms
25.5%
25.5%
3 Bedrooms
17.8%
17.8%
4 Bedrooms
5.6%
5.6%
5 or more bedrooms
3.3%
3.3%
0.0% 100.0%
% OF HOMES