Chatham, 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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Chatham, NJ Housing Market Trends

With 8,635 people, 2,932 houses or apartments, and a median cost of homes of $944,034, Chatham house prices are not only among the most expensive in New Jersey, Chatham real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Chatham, accounting for 80.31% of the borough's housing units. Other types of housing that are prevalent in Chatham include large apartment complexes or high rise apartments ( 8.46%), duplexes, homes converted to apartments or other small apartment buildings ( 8.30%), and a few row houses and other attached homes ( 2.93%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Chatham. Owner-occupied housing accounts for 82.55% of Chatham's homes, and 68.99% 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. Chatham's housing was primarily built during this period, from the '40s through the '60s. A full 47.55% of the borough's housing hails from this era. Other housing ages represented in Chatham include homes built before 1939 ( 35.91%) and housing constructed between 1970-1999 ( 15.08%). There's also some housing in Chatham built between 2000 and later ( 1.46%).

Chatham Home Appreciation Rates

Chatham's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Chatham during the period has been just 2.29%, which is lower than 80% of US communities.

Over the last year, Chatham appreciation rates have trailed the rest of the nation. In the last twelve months, Chatham's appreciation rate has been 6.34%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Chatham were at 3.14%, which equates to an annual appreciation rate of 13.16%.

Relative to New Jersey, our data show that Chatham's latest annual appreciation rate is lower than 90% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$944,034

Chatham, NJ HOME PRICES

> $1,111,000
24.3%
24.3%
$834,001 - $1,111,000
25.7%
25.7%
$556,001 - $834,000
39.3%
39.3%
$445,001 - $556,000
4.6%
4.6%
$333,001 - $445,000
1.7%
1.7%
$222,001 - $333,000
1.9%
1.9%
$111,001 - $222,000
0.3%
0.3%
$55,001 - $111,000
1.2%
1.2%
$0 - $55,000
1.0%
1.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for NJ

Value Relative To Nation

Number Of Homes And Apartments:
2,932

Chatham Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
101.18% 3.30%
7
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$4,554 / per month

Homeownership Rate

Owners
82.5%
82.5%
Renters
17.5%
17.5%
Vacant
6.7%
6.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1.5%
1.5%
1970 - 1999
15.1%
15.1%
1940 - 1969
47.6%
47.6%
1939 or Older
35.9%
35.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
80.3%
80.3%
Townhomes
2.9%
2.9%
Small Apt. Buildings
8.3%
8.3%
Apt. Complexes
8.5%
8.5%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.2%
0.2%
1 Bedroom
7.3%
7.3%
2 Bedrooms
12.7%
12.7%
3 Bedrooms
38.0%
38.0%
4 Bedrooms
30.9%
30.9%
5 or more bedrooms
10.9%
10.9%
0.0% 100.0%
% OF HOMES