Cedar Grove, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Cedar Grove, 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

Cedar Grove Housing Market Information

With a population of 12,625, 2,164 total housing units (homes and apartments), and a median house value of $488,819, 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 73.57% of the town's housing units. Other types of housing that are prevalent in Cedar Grove include large apartment complexes or high rise apartments ( 13.57%), duplexes, homes converted to apartments or other small apartment buildings ( 11.29%), and a few row houses and other attached homes ( 1.38%).

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 72.79% of Cedar Grove's homes, and 63.69% 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 63.33% of the town's housing hails from this era. Other housing ages represented in Cedar Grove include homes built between 1970-1999 ( 20.04%) and housing constructed before 1939 ( 11.15%). There's also some housing in Cedar Grove built between 2000 and later ( 5.47%).

Cedar Grove Home Appreciation Rates

Real estate appreciation rates in Cedar Grove's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.74% during the period.

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 1.38%, 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 0.66%, which equates to an annual appreciation rate of 2.68%.

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:
$488,819

Cedar Grove, NJ HOME PRICES

Value Range
> $1,063,000 2.8
$797,001 - $1,063,000 6.4
$532,001 - $797,000 21.1
$425,001 - $532,000 34.4
$319,001 - $425,000 28.0
$213,001 - $319,000 5.2
$106,001 - $213,000 0.5
$53,001 - $106,000 0.0
$0 - $53,000 1.5

High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
6.19360131255127 26.4227642276423

Number Of Homes And Apartments:
2,164

Cedar Grove 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
60.92% 2.80% 7 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,965 / per month

Homeownership Rate

Homeownership
Owners 72.79
Renters 27.21
Vacant 2.17

Housing Market Details

 

Age of Homes

AGE OF Cedar Grove HOMES
2000 or Newer 5.5
1970 - 1999 20.0
1940 - 1969 63.3
1939 or Older 11.1

Types of Homes

TYPE OF Cedar Grove HOMES
Single-Family 73.6
Townhomes 1.4
Small Apt. Buildings 11.3
Apt. Complexes 13.6
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Cedar Grove HOMES
No Bedroom 0.27
1 Bedroom 13.74
2 Bedrooms 15.09
3 Bedrooms 42.48
4 Bedrooms 21.21
5 or more bedrooms 7.20

Popular Neighborhoods in Cedar Grove

Zip Codes in Cedar Grove, NJ