Carteret, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Carteret Neighborhoods Since 2000




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 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

Carteret Housing Market Information

With a population of 24,170, 7,790 total housing units (homes and apartments), and a median house value of $270,052, 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 53.25% 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 ( 22.31%), large apartment complexes or high rise apartments ( 17.27%), and a few row houses and other attached homes ( 3.84%).

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 56.07% owning and 43.93% 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 54.72% of the borough's housing hails from this era. Other housing ages represented in Carteret include homes built between 2000 and later ( 16.57%) and housing constructed between 1970-1999 ( 15.02%). There's also some housing in Carteret built before 1939 ( 13.69%).

Carteret Home Appreciation Rates

Homes have actually lost value in Carteret over the last then years, as home values have seen a decline of 26.08% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Carteret home appreciation rates at 0.66%, which equates to an annual appreciation rate of 2.68%.

NeighborhoodScout's data show that during the latest twelve months, Carteret's appreciation rate, at 4.72%, has been at or slightly above the national average. In the latest quarter, Carteret's appreciation rate has been 0.66%, which annualizes to a rate of 2.68%.

Relative to New Jersey, our data show that Carteret's latest annual appreciation rate is higher than 80% 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:
$270,052

Carteret, NJ HOME PRICES

Value Range
> $1,096,000 0.0
$822,001 - $1,096,000 0.0
$548,001 - $822,000 2.6
$438,001 - $548,000 5.3
$329,001 - $438,000 17.1
$219,001 - $329,000 48.0
$110,001 - $219,000 19.0
$55,001 - $110,000 2.4
$0 - $55,000 5.4

Low for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
19.7468651119184 72.5609756097561

Number Of Homes And Apartments:
7,790

Carteret 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
54.93% 2.57% 6 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,565 / per month

Homeownership Rate

Homeownership
Owners 56.07
Renters 43.93
Vacant 6.19

Housing Market Details

 

Age of Homes

AGE OF Carteret HOMES
2000 or Newer 16.6
1970 - 1999 15.0
1940 - 1969 54.7
1939 or Older 13.7

Types of Homes

TYPE OF Carteret HOMES
Single-Family 53.3
Townhomes 3.8
Small Apt. Buildings 22.3
Apt. Complexes 17.3
Mobile Homes 3.2
Other 0.1

Home Size

SIZE OF Carteret HOMES
No Bedroom 0.93
1 Bedroom 13.50
2 Bedrooms 31.84
3 Bedrooms 32.26
4 Bedrooms 16.76
5 or more bedrooms 4.71