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 Q1 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (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 24,084, 7,958 total housing units (homes and apartments), and a median house value of $331,545, 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 51.37% 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 ( 23.05%), large apartment complexes or high rise apartments ( 18.06%), and a few row houses and other attached homes ( 4.08%).

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 57.98% owning and 42.02% 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 51.91% of the borough's housing hails from this era. Other housing ages represented in Carteret include homes built between 2000 and later ( 18.66%) and housing constructed between 1970-1999 ( 17.08%). There's also some housing in Carteret built before 1939 ( 12.35%).

Carteret Home Appreciation Rates

Carteret's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Carteret during the period has been just -0.36%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Carteret's appreciation rate, at 3.95%, has been at or slightly above the national average. In the latest quarter, Carteret's appreciation rate has been 0.62%, which annualizes to a rate of 2.49%.

Relative to New Jersey, our data show that Carteret's latest annual appreciation rate is higher than 60% 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:
$331,545

Carteret, NJ HOME PRICES

Value Range
> $1,210,000 0.5
$907,001 - $1,210,000 0.0
$605,001 - $907,000 3.1
$484,001 - $605,000 7.4
$363,001 - $484,000 20.9
$242,001 - $363,000 47.1
$121,001 - $242,000 12.6
$60,001 - $121,000 2.2
$0 - $60,000 6.2

Average for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
16.1459854014599 57.5757575757576

Number Of Homes And Apartments:
7,958

Carteret Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2018 Q4 - 2019 Q1
Last 12 Months:
2018 Q1 - 2019 Q1
Last 2 Years:
2017 Q1 - 2019 Q1
Last 5 Years:
2014 Q1 - 2019 Q1
Last 10 Years:
2009 Q1 - 2019 Q1
Since 2000:
2000 Q1 - 2019 Q1
80.99% 3.13%
8
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,216 / per month

Homeownership Rate

Homeownership
Owners 57.98
Renters 42.02
Vacant 6.07

Housing Market Details

 

Age of Homes

AGE OF Carteret HOMES
2000 or Newer 18.7
1970 - 1999 17.1
1940 - 1969 51.9
1939 or Older 12.3

Types of Homes

TYPE OF Carteret HOMES
Single-Family 51.4
Townhomes 4.1
Small Apt. Buildings 23.1
Apt. Complexes 18.1
Mobile Homes 3.4
Other 0.0

Home Size

SIZE OF Carteret HOMES
No Bedroom 0.00
1 Bedroom 17.49
2 Bedrooms 26.95
3 Bedrooms 31.98
4 Bedrooms 18.58
5 or more bedrooms 5.00