Elmwood Park, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Elmwood Park Neighborhoods Since 2000




Elmwood Park, 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

Elmwood Park Housing Market Information

With a population of 20,279, 6,912 total housing units (homes and apartments), and a median house value of $398,125, real estate costs in Elmwood Park 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 Elmwood Park, accounting for 43.95% of the borough's housing units. Other types of housing that are prevalent in Elmwood Park include duplexes, homes converted to apartments or other small apartment buildings ( 42.70%), row houses and other attached homes ( 6.93%), and a few large apartment complexes or high rise apartments ( 6.31%).

The most prevalent building size and type in Elmwood Park are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 56.18% owning and 43.82% renting.

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. Elmwood Park's housing was primarily built during this period, from the '40s through the '60s. A full 73.60% of the borough's housing hails from this era. Other housing ages represented in Elmwood Park include homes built between 1970-1999 ( 13.79%) and housing constructed before 1939 ( 8.80%). There's also some housing in Elmwood Park built between 2000 and later ( 3.81%).

Elmwood Park Home Appreciation Rates

Elmwood Park's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Elmwood Park during the period has been just -1.88%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Elmwood Park's appreciation rate, at 4.14%, has been at or slightly above the national average. In the latest quarter, Elmwood Park's appreciation rate has been 0.66%, which annualizes to a rate of 2.68%.

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

Average Home Values

 

Median Home Value:
$398,125

Elmwood Park, NJ HOME PRICES

Value Range
> $1,099,000 0.9
$824,001 - $1,099,000 0.6
$549,001 - $824,000 13.6
$439,001 - $549,000 18.5
$330,001 - $439,000 38.0
$220,001 - $330,000 21.0
$110,001 - $220,000 3.1
$55,001 - $110,000 1.3
$0 - $55,000 3.1

Average for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
9.56287354974804 41.260162601626

Number Of Homes And Apartments:
6,912

Elmwood Park 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
50.93% 2.41% 5 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,965 / per month

Homeownership Rate

Homeownership
Owners 56.18
Renters 43.82
Vacant 3.26

Housing Market Details

 

Age of Homes

AGE OF Elmwood Park HOMES
2000 or Newer 3.8
1970 - 1999 13.8
1940 - 1969 73.6
1939 or Older 8.8

Types of Homes

TYPE OF Elmwood Park HOMES
Single-Family 43.9
Townhomes 6.9
Small Apt. Buildings 42.7
Apt. Complexes 6.3
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Elmwood Park HOMES
No Bedroom 0.27
1 Bedroom 10.86
2 Bedrooms 32.39
3 Bedrooms 40.38
4 Bedrooms 13.39
5 or more bedrooms 2.72