Cranford, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Cranford, NJ Real Estate Data


Cranford Housing Market Information

With 24,143 people, 1,715 houses or apartments, and a median cost of homes of $520,882, real estate costs in Cranford 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 Cranford, accounting for 75.99% of the town's housing units. Other types of housing that are prevalent in Cranford include duplexes, homes converted to apartments or other small apartment buildings ( 11.30%), large apartment complexes or high rise apartments ( 9.13%), and a few row houses and other attached homes ( 3.17%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Cranford. Owner-occupied housing accounts for 80.74% of Cranford's homes, and 71.12% 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. Cranford's housing was primarily built during this period, from the '40s through the '60s. A full 56.11% of the town's housing hails from this era. Other housing ages represented in Cranford include homes built before 1939 ( 31.15%) and housing constructed between 1970-1999 ( 10.82%). There's also some housing in Cranford built between 2000 and later ( 1.92%).

Cranford Home Appreciation Rates

Real estate appreciation rates in Cranford's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.21% during the period.

NeighborhoodScout's data show that during the latest twelve months, Cranford's appreciation rate, at 4.52%, has been at or slightly above the national average. In the latest quarter, Cranford's appreciation rate has been 1.43%, which annualizes to a rate of 5.85%.

Relative to New Jersey, our data show that Cranford's latest annual appreciation rate is higher than 70% 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 town. Individual neighborhoods within Cranford differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cranford - 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 Cranford real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$520,882

Cranford, NJ HOME PRICES

Value Range
> $1,143,000 1.0
$857,001 - $1,143,000 5.5
$571,001 - $857,000 26.7
$457,001 - $571,000 34.0
$343,001 - $457,000 21.5
$229,001 - $343,000 6.7
$114,001 - $229,000 1.8
$57,001 - $114,000 0.3
$0 - $57,000 2.6

High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
5.60402881068103 24.5934959349593

Number Of Homes And Apartments:
1,715

Rent & Ownership

 

Average Market Rent:
$1,790 / per month

Homeownership Rate

Homeownership
Owners 80.74
Renters 19.26
Vacant 4.08

Housing Market Details

 

Age of Homes

AGE OF Cranford HOMES
2000 or Newer 1.9
1970 - 1999 10.8
1940 - 1969 56.1
1939 or Older 31.1

Types of Homes

TYPE OF Cranford HOMES
Single-Family 76.0
Townhomes 3.2
Small Apt. Buildings 11.3
Apt. Complexes 9.1
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Cranford HOMES
No Bedroom 1.86
1 Bedroom 7.19
2 Bedrooms 12.88
3 Bedrooms 43.62
4 Bedrooms 27.50
5 or more bedrooms 6.95

Cranford Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
80.89% 3.55% 9 9
* 10 is highest