Bloomfield, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Bloomfield Neighborhoods Since 2000




Bloomfield, 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

Bloomfield Housing Market Information

With a population of 47,753, 1,515 total housing units (homes and apartments), and a median house value of $327,634, real estate costs in Bloomfield 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.

Single-family detached homes are the single most common housing type in Bloomfield, accounting for 47.16% of the town's housing units. Other types of housing that are prevalent in Bloomfield include duplexes, homes converted to apartments or other small apartment buildings ( 32.69%), large apartment complexes or high rise apartments ( 17.38%), and a few row houses and other attached homes ( 2.71%).

People in Bloomfield primarily live in small (one, two or no bedroom) single-family detached homes. Bloomfield has a mixture of owner-occupied and renter-occupied housing.

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. Bloomfield's housing was primarily built during this period, from the '40s through the '60s. A full 42.79% of the town's housing hails from this era. Other housing ages represented in Bloomfield include homes built before 1939 ( 42.77%) and housing constructed between 1970-1999 ( 12.38%). There's also some housing in Bloomfield built between 2000 and later ( 2.06%).

Bloomfield Home Appreciation Rates

Bloomfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Bloomfield during the period has been just -1.76%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Bloomfield's appreciation rate, at 4.21%, has been at or slightly above the national average. In the latest quarter, Bloomfield's appreciation rate has been 0.66%, which annualizes to a rate of 2.68%.

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

Average Home Values

 

Median Home Value:
$327,634

Bloomfield, NJ HOME PRICES

Value Range
> $1,108,000 0.6
$831,001 - $1,108,000 0.3
$554,001 - $831,000 3.5
$443,001 - $554,000 11.4
$333,001 - $443,000 34.2
$222,001 - $333,000 35.4
$111,001 - $222,000 11.0
$55,001 - $111,000 0.4
$0 - $55,000 3.2

Average for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
13.9165592405953 55.4878048780488

Number Of Homes And Apartments:
1,515

Bloomfield 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
61.26% 2.81% 7 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,762 / per month

Homeownership Rate

Homeownership
Owners 56.60
Renters 43.40
Vacant 5.25

Housing Market Details

 

Age of Homes

AGE OF Bloomfield HOMES
2000 or Newer 2.1
1970 - 1999 12.4
1940 - 1969 42.8
1939 or Older 42.8

Types of Homes

TYPE OF Bloomfield HOMES
Single-Family 47.2
Townhomes 2.7
Small Apt. Buildings 32.7
Apt. Complexes 17.4
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Bloomfield HOMES
No Bedroom 2.82
1 Bedroom 19.42
2 Bedrooms 28.07
3 Bedrooms 36.65
4 Bedrooms 10.85
5 or more bedrooms 2.19