Carteret NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Carteret, 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 Q2 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

Carteret Housing Market Information

With 23,652 people, 7,950 houses or apartments, and a median cost of homes of $358,439, Carteret real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Carteret, accounting for 51.07% of the borough's housing units. Other types of housing that are prevalent in Carteret include duplexes, homes converted to apartments or other small apartment buildings ( 22.66%), large apartment complexes or high rise apartments ( 19.19%), and a few mobile homes or trailers ( 3.58%).

The most prevalent building size and type in Carteret are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 57.32% owning and 42.68% renting.

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. Carteret's housing was primarily built during this period, from the '40s through the '60s. A full 52.44% of the borough's housing hails from this era. Other housing ages represented in Carteret include homes built between 2000 and later ( 17.88%) and housing constructed between 1970-1999 ( 15.25%). There's also some housing in Carteret built before 1939 ( 14.44%).

Carteret Home Appreciation Rates

Appreciation rates for homes in Carteret have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 28.98%, which ranks in the top 50% nationwide. This equates to an annual average Carteret house appreciation rate of 2.58%.

Appreciation rates are so strong in Carteret that despite a nationwide downturn in the housing market, Carteret real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Carteret appreciation rates continue to be some of the highest in America, at 7.74%, which is higher than appreciation rates in 93.73% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Carteret. Carteret appreciation rates in the latest quarter were at 0.75%, which equates to an annual appreciation rate of 3.02%.

Relative to New Jersey, our data show that Carteret's latest annual appreciation rate is higher than 90% 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 borough. Individual neighborhoods within Carteret differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Carteret - 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 Carteret real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$358,439

Carteret, NJ HOME PRICES

Value Range
> $1,297,000 0.4
$973,001 - $1,297,000 1.8
$649,001 - $973,000 2.9
$519,001 - $649,000 7.5
$389,001 - $519,000 21.6
$260,001 - $389,000 49.2
$130,001 - $260,000 10.1
$65,001 - $130,000 2.7
$0 - $65,000 3.8

Average for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
15.4861313868613 56.7676767676768

Number Of Homes And Apartments:
7,950

Carteret Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
107.51% 3.63%
9
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,191 / per month

Homeownership Rate

Homeownership
Owners 57.32
Renters 42.68
Vacant 6.47

Housing Market Details

 

Age of Homes

AGE OF Carteret HOMES
2000 or Newer 17.9
1970 - 1999 15.2
1940 - 1969 52.4
1939 or Older 14.4

Types of Homes

TYPE OF Carteret HOMES
Single-Family 51.1
Townhomes 3.5
Small Apt. Buildings 22.7
Apt. Complexes 19.2
Mobile Homes 3.6
Other 0.0

Home Size

SIZE OF Carteret HOMES
No Bedroom 0.38
1 Bedroom 14.71
2 Bedrooms 29.51
3 Bedrooms 34.01
4 Bedrooms 16.56
5 or more bedrooms 4.84