Hewitt, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Hewitt Neighborhoods Since 2000




Hewitt, 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

Hewitt Housing Market Information

With 9,274 people, 1,670 houses or apartments, and a median cost of homes of $306,312, Hewitt real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Hewitt, accounting for 93.90% of the town's housing units. Other types of housing that are prevalent in Hewitt include duplexes, homes converted to apartments or other small apartment buildings ( 2.23%), large apartment complexes or high rise apartments ( 1.86%), and a few mobile homes or trailers ( 1.35%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Hewitt. Owner-occupied housing accounts for 86.28% of Hewitt's homes, and 60.63% 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. Hewitt's housing was primarily built during this period, from the '40s through the '60s. A full 52.69% of the town's housing hails from this era. Other housing ages represented in Hewitt include homes built between 1970-1999 ( 31.62%) and housing constructed before 1939 ( 11.06%). There's also some housing in Hewitt built between 2000 and later ( 4.63%).

Vacant housing appears to be an issue in Hewitt. Fully 16.12% of the housing stock is classified as vacant. Left unchecked, vacant Hewitt homes and apartments can be a drag on the real estate market, holding Hewitt real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Hewitt Home Appreciation Rates

Homes have actually lost value in Hewitt over the last then years, as home values have seen a decline of 22.14% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Hewitt home appreciation rates at 0.66%, which equates to an annual appreciation rate of 2.68%.

Appreciation rates are so strong in Hewitt that despite a nationwide downturn in the housing market, Hewitt real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Hewitt appreciation rates continue to be some of the highest in America, at 6.16%, which is higher than appreciation rates in 75.43% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Hewitt. Hewitt appreciation rates in the latest quarter were at 0.66%, which equates to an annual appreciation rate of 2.68%.

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

Average Home Values

 

Median Home Value:
$306,312

Hewitt, NJ HOME PRICES

Value Range
> $1,075,000 1.6
$807,001 - $1,075,000 1.8
$538,001 - $807,000 6.0
$430,001 - $538,000 8.0
$323,001 - $430,000 22.5
$215,001 - $323,000 44.4
$107,001 - $215,000 14.3
$54,001 - $107,000 0.2
$0 - $54,000 1.1

Low for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
15.8209305050979 61.1788617886179

Number Of Homes And Apartments:
1,670

Hewitt 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
44.66% 2.16% 4 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,290 / per month

Homeownership Rate

Homeownership
Owners 86.28
Renters 13.72
Vacant 16.12

Housing Market Details

 

Age of Homes

AGE OF Hewitt HOMES
2000 or Newer 4.6
1970 - 1999 31.6
1940 - 1969 52.7
1939 or Older 11.1

Types of Homes

TYPE OF Hewitt HOMES
Single-Family 93.9
Townhomes 0.7
Small Apt. Buildings 2.2
Apt. Complexes 1.9
Mobile Homes 1.4
Other 0.0

Home Size

SIZE OF Hewitt HOMES
No Bedroom 1.45
1 Bedroom 10.16
2 Bedrooms 25.69
3 Bedrooms 46.85
4 Bedrooms 13.78
5 or more bedrooms 2.07