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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Fanwood, 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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Fanwood, NJ Housing Market Trends

With a population of 7,655, 2,808 total housing units (homes and apartments), and a median house value of $657,405, real estate costs in Fanwood 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 Fanwood, accounting for 84.83% of the borough's housing units. Other types of housing that are prevalent in Fanwood include large apartment complexes or high rise apartments ( 6.02%), duplexes, homes converted to apartments or other small apartment buildings ( 4.24%), and a few row houses and other attached homes ( 4.02%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Fanwood. Owner-occupied housing accounts for 85.91% of Fanwood's homes, and 71.62% 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. Fanwood's housing was primarily built during this period, from the '40s through the '60s. A full 51.57% of the borough's housing hails from this era. Other housing ages represented in Fanwood include homes built before 1939 ( 26.35%) and housing constructed between 2000 and later ( 13.60%). There's also some housing in Fanwood built between 1970-1999 ( 8.48%).

Fanwood Home Appreciation Rates

Fanwood's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Fanwood during the period has been just 4.35%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Fanwood's appreciation rate, at 4.85%, has been at or slightly above the national average. In the latest quarter, Fanwood's appreciation rate has been 0.41%, which annualizes to a rate of 1.66%.

Relative to New Jersey, our data show that Fanwood's latest annual appreciation rate is lower than 50% of the other cities and towns in New Jersey.

Average Home Values

Median Home Value

$657,405

Fanwood, NJ Home Prices
> $1,189,000
$892,001 - $1,189,000
$595,001 - $892,000
$476,001 - $595,000
$357,001 - $476,000
$238,001 - $357,000
$119,001 - $238,000
$59,001 - $119,000
$0 - $59,000
2.6%
2.6%
14.3%
14.3%
50.3%
50.3%
25.0%
25.0%
3.9%
3.9%
2.1%
2.1%
0.0%
0.0%
0.8%
0.8%
1.0%
1.0%
0% 100.0%
% of Homes
High

for New jersey

Very High

for nation

Number of Homes And Apartments:

2,808

Fanwood Appreciation Rates

Rent & Ownership

Average Market Rent:

$4,451 / per month

Homeownership Rate

Owners
Renters
85.9%
85.9%
14.1%
14.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
0.0%
0.0%
100.0%
100.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
13.6%
13.6%
8.5%
8.5%
51.6%
51.6%
26.4%
26.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
84.8%
84.8%
4.0%
4.0%
4.2%
4.2%
6.0%
6.0%
0.9%
0.9%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
2.4%
2.4%
13.5%
13.5%
46.4%
46.4%
25.2%
25.2%
12.5%
12.5%
0% 100.0%
% of Homes

Popular Neighborhoods in Fanwood

Zip Codes in Fanwood, NJ