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Cedar Grove, NJ Real Estate Market

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 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

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

Cedar Grove, NJ Housing Market Trends

With 12,980 people, 4,525 houses or apartments, and a median cost of homes of $667,907, real estate costs in Cedar Grove 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 Cedar Grove, accounting for 73.64% of the township's housing units. Other types of housing that are prevalent in Cedar Grove include large apartment complexes or high rise apartments ( 15.84%), duplexes, homes converted to apartments or other small apartment buildings ( 6.87%), and a few row houses and other attached homes ( 2.38%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Cedar Grove. Owner-occupied housing accounts for 76.61% of Cedar Grove's homes, and 70.51% have either three or four bedrooms, which is average sized relative to America.

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. Cedar Grove's housing was primarily built during this period, from the '40s through the '60s. A full 61.15% of the township's housing hails from this era. Other housing ages represented in Cedar Grove include homes built between 1970-1999 ( 19.88%) and housing constructed before 1939 ( 12.38%). There's also some housing in Cedar Grove built between 2000 and later ( 6.59%).

Cedar Grove Home Appreciation Rates

Cedar Grove's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Cedar Grove during the period has been just 3.55%, which is lower than 80% of US communities.

Over the last year, Cedar Grove appreciation rates have trailed the rest of the nation. In the last twelve months, Cedar Grove's appreciation rate has been 9.81%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Cedar Grove were at 0.88%, which equates to an annual appreciation rate of 3.57%.

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

Relative to New Jersey, our data show that Cedar Grove's latest annual appreciation rate is lower than 70% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$667,907

Cedar Grove, NJ HOME PRICES

> $1,236,000
$927,001 - $1,236,000
$618,001 - $927,000
$494,001 - $618,000
$371,001 - $494,000
$247,001 - $371,000
$123,001 - $247,000
$62,001 - $123,000
$0 - $62,000
8.6%
8.6%
7.3%
7.3%
30.4%
30.4%
32.1%
32.1%
16.7%
16.7%
2.4%
2.4%
2.0%
2.0%
0.0%
0.0%
0.4%
0.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for NJ

Value Relative To Nation

Number Of Homes And Apartments:
4,525

Cedar Grove Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2022 Q1 - 2022 Q2
Last 12 Months:
2021 Q2 - 2022 Q2
Last 2 Years:
2020 Q2 - 2022 Q2
Last 5 Years:
2017 Q2 - 2022 Q2
Last 10 Years:
2012 Q2 - 2022 Q2
Since 2000:
2000 Q1 - 2022 Q2
108.84% 3.33%
5
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,618 / per month

Homeownership Rate

Owners
Renters
Vacant
76.6%
76.6%
23.4%
23.4%
2.2%
2.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
6.6%
6.6%
19.9%
19.9%
61.1%
61.1%
12.4%
12.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
73.6%
73.6%
2.4%
2.4%
6.9%
6.9%
15.8%
15.8%
0.9%
0.9%
0.4%
0.4%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.9%
0.9%
11.3%
11.3%
13.6%
13.6%
45.4%
45.4%
25.1%
25.1%
3.7%
3.7%
0.0% 100.0%
% OF HOMES