Florham Park, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Florham Park Neighborhoods Since 2000




Florham 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

Florham Park Housing Market Information

With a population of 11,835, 4,052 total housing units (homes and apartments), and a median house value of $615,579, Florham Park house prices are not only among the most expensive in New Jersey, Florham Park 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 Florham Park, accounting for 59.51% of the borough's housing units. Other types of housing that are prevalent in Florham Park include large apartment complexes or high rise apartments ( 19.10%), row houses and other attached homes ( 15.56%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.83%).

The most prevalent building size and type in Florham Park are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 61.67% owning and 38.33% renting.

There is a lot of housing in Florham Park built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Florham Park built between 1940-1969 ( 33.00%). A lesser amount of the housing stock also hails from between 2000 and later ( 20.63%). There's also some housing in Florham Park built before 1939 ( 7.25%).

Florham Park Home Appreciation Rates

Real estate appreciation rates in Florham Park's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.26% during the period.

Over the last year, Florham Park appreciation rates have trailed the rest of the nation. In the last twelve months, Florham Park's appreciation rate has been -0.82%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Florham Park were at 0.66%, which equates to an annual appreciation rate of 2.68%.

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

Average Home Values

 

Median Home Value:
$615,579

Florham Park, NJ HOME PRICES

Value Range
> $1,076,000 11.8
$807,001 - $1,076,000 14.7
$538,001 - $807,000 36.6
$430,001 - $538,000 22.6
$322,001 - $430,000 9.4
$215,001 - $322,000 1.0
$107,001 - $215,000 1.3
$54,001 - $107,000 0.0
$0 - $54,000 2.6

Very High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
3.6915504511895 14.8373983739837

Number Of Homes And Apartments:
4,052

Florham 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
65.70% 2.97% 8 8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,971 / per month

Homeownership Rate

Homeownership
Owners 61.67
Renters 38.33
Vacant 4.34

Housing Market Details

 

Age of Homes

AGE OF Florham Park HOMES
2000 or Newer 20.6
1970 - 1999 39.1
1940 - 1969 33.0
1939 or Older 7.2

Types of Homes

TYPE OF Florham Park HOMES
Single-Family 59.5
Townhomes 15.6
Small Apt. Buildings 5.8
Apt. Complexes 19.1
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Florham Park HOMES
No Bedroom 2.17
1 Bedroom 8.73
2 Bedrooms 26.27
3 Bedrooms 26.23
4 Bedrooms 28.23
5 or more bedrooms 8.36