Irvington, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Irvington Neighborhoods Since 2000




Irvington, 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

Irvington Housing Market Information

With 54,580 people, 1,483 houses or apartments, and a median cost of homes of $177,728, Irvington real estate values are some of the lowest in New Jersey, although compared to real estate around the nation, Irvington homes are still considered rather expensive.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Irvington, accounting for 45.58% of the town's housing units. Other types of housing that are prevalent in Irvington include large apartment complexes or high rise apartments ( 31.04%), single-family detached homes ( 20.50%), and a few row houses and other attached homes ( 2.64%). Towns that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of towns are often walkable and compact, and often have a lively downtown.

Irvington is dominated by renter-occupied one, two, or no bedrooms apartments. 66.74% of Irvington's dwellings are rentals.

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. Irvington's housing was primarily built during this period, from the '40s through the '60s. A full 48.69% of the town's housing hails from this era. Other housing ages represented in Irvington include homes built before 1939 ( 30.76%) and housing constructed between 1970-1999 ( 17.27%). There's also some housing in Irvington built between 2000 and later ( 3.28%).

Vacant housing appears to be an issue in Irvington. Fully 15.80% of the housing stock is classified as vacant. Left unchecked, vacant Irvington homes and apartments can be a drag on the real estate market, holding Irvington 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.

Irvington Home Appreciation Rates

Homes have actually lost value in Irvington over the last then years, as home values have seen a decline of 35.82% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Irvington home appreciation rates at 0.66%, which equates to an annual appreciation rate of 2.68%.

Over the last year, Irvington appreciation rates have trailed the rest of the nation. In the last twelve months, Irvington's appreciation rate has been -7.03%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Irvington were at 0.66%, which equates to an annual appreciation rate of 2.68%.

Relative to New Jersey, our data show that Irvington's latest annual appreciation rate is lower than 90% 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 Irvington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Irvington - 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 Irvington real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$177,728

Irvington, NJ HOME PRICES

Value Range
> $953,000 1.1
$715,001 - $953,000 0.0
$477,001 - $715,000 0.0
$381,001 - $477,000 1.2
$286,001 - $381,000 10.8
$191,001 - $286,000 31.2
$95,001 - $191,000 45.7
$48,001 - $95,000 6.6
$0 - $48,000 3.3

Very Low for NJ
High for Nation

Value Relative to Nation Value Relative to State
38.9136294386499 90.4471544715447

Number Of Homes And Apartments:
1,483

Irvington 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
32.71% 1.65% 2 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,409 / per month

Homeownership Rate

Homeownership
Owners 33.26
Renters 66.74
Vacant 15.80

Housing Market Details

 

Age of Homes

AGE OF Irvington HOMES
2000 or Newer 3.3
1970 - 1999 17.3
1940 - 1969 48.7
1939 or Older 30.8

Types of Homes

TYPE OF Irvington HOMES
Single-Family 20.5
Townhomes 2.6
Small Apt. Buildings 45.6
Apt. Complexes 31.0
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Irvington HOMES
No Bedroom 8.52
1 Bedroom 25.84
2 Bedrooms 33.70
3 Bedrooms 22.83
4 Bedrooms 5.76
5 or more bedrooms 3.36