Cranford, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Cranford Neighborhoods Since 2000




Cranford, 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

Cranford Housing Market Information

With a population of 24,143, 1,711 total housing units (homes and apartments), and a median house value of $488,504, 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 76.27% 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 ( 10.22%), large apartment complexes or high rise apartments ( 9.73%), and a few row houses and other attached homes ( 3.34%).

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 80.01% of Cranford's homes, and 70.75% 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 56.46% of the town's housing hails from this era. Other housing ages represented in Cranford include homes built before 1939 ( 29.67%) and housing constructed between 1970-1999 ( 10.95%). There's also some housing in Cranford built between 2000 and later ( 2.92%).

Cranford Home Appreciation Rates

Appreciation rates for homes in Cranford have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 1.37%, which ranks in the top 50% nationwide. This equates to an annual average Cranford house appreciation rate of 0.14%.

Over the last year, Cranford appreciation rates have trailed the rest of the nation. In the last twelve months, Cranford's appreciation rate has been 2.60%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Cranford were at 0.66%, which equates to an annual appreciation rate of 2.68%.

Relative to New Jersey, our data show that Cranford's latest annual appreciation rate is lower than 50% 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:
$488,504

Cranford, NJ HOME PRICES

Value Range
> $1,116,000 0.7
$837,001 - $1,116,000 5.5
$558,001 - $837,000 28.0
$446,001 - $558,000 33.0
$335,001 - $446,000 21.7
$223,001 - $335,000 7.0
$112,001 - $223,000 1.3
$56,001 - $112,000 0.2
$0 - $56,000 2.7

High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
6.2111801242236 26.6260162601626

Number Of Homes And Apartments:
1,711

Cranford 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
79.56% 3.45% 9 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,075 / per month

Homeownership Rate

Homeownership
Owners 80.01
Renters 19.99
Vacant 4.22

Housing Market Details

 

Age of Homes

AGE OF Cranford HOMES
2000 or Newer 2.9
1970 - 1999 11.0
1940 - 1969 56.5
1939 or Older 29.7

Types of Homes

TYPE OF Cranford HOMES
Single-Family 76.3
Townhomes 3.3
Small Apt. Buildings 10.2
Apt. Complexes 9.7
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Cranford HOMES
No Bedroom 2.01
1 Bedroom 6.75
2 Bedrooms 13.48
3 Bedrooms 43.33
4 Bedrooms 27.41
5 or more bedrooms 7.01