Jersey City, 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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Jersey City, NJ Housing Market Trends

With a population of 262,075, 103,225 total housing units (homes and apartments), and a median house value of $467,120, real estate costs in Jersey City 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.

Large apartment complexes or high rise apartments are the single most common housing type in Jersey City, accounting for 50.24% of the city's housing units. Other types of housing that are prevalent in Jersey City include duplexes, homes converted to apartments or other small apartment buildings ( 35.20%), single-family detached homes ( 7.39%), and a few row houses and other attached homes ( 7.02%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

Jersey City is dominated by renter-occupied one, two, or no bedrooms apartments. 71.19% of Jersey City's dwellings are rentals.

The housing in Jersey City was primarily built before 1939 ( 36.41%), making the housing stock in Jersey City some of the oldest overall in America, although there is a range of ages of homes in Jersey City. The next most important housing age is between 1940-1969 ( 22.91%), followed by between 1970-1999 ( 21.27%). There's also some housing in Jersey City built between 2000 and later ( 19.40%).

Jersey City Home Appreciation Rates

In the last 10 years, Jersey City has experienced some of the highest home appreciation rates of any community in the nation. Jersey City real estate appreciated 82.65% over the last ten years, which is an average annual home appreciation rate of 6.21%, putting Jersey City in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Jersey City definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Jersey City appreciation rates have trailed the rest of the nation. In the last twelve months, Jersey City's appreciation rate has been 4.12%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Jersey City were at 1.71%, which equates to an annual appreciation rate of 7.02%.

Relative to New Jersey, our data show that Jersey City's latest annual appreciation rate is higher than 50% 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 city. Individual neighborhoods within Jersey City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Jersey City - 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 Jersey City real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$467,120

Jersey City, NJ HOME PRICES

> $1,254,000
5.9%
5.9%
$940,001 - $1,254,000
6.1%
6.1%
$627,001 - $940,000
18.1%
18.1%
$501,001 - $627,000
13.3%
13.3%
$376,001 - $501,000
23.1%
23.1%
$251,001 - $376,000
21.9%
21.9%
$125,001 - $251,000
7.9%
7.9%
$63,001 - $125,000
1.3%
1.3%
$0 - $63,000
2.4%
2.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for NJ

Value Relative To Nation

Number Of Homes And Apartments:
103,225

Jersey City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
232.22% 5.88%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,103 / per month

Homeownership Rate

Owners
28.8%
28.8%
Renters
71.2%
71.2%
Vacant
9.3%
9.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
19.4%
19.4%
1970 - 1999
21.3%
21.3%
1940 - 1969
22.9%
22.9%
1939 or Older
36.4%
36.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
7.4%
7.4%
Townhomes
7.0%
7.0%
Small Apt. Buildings
35.2%
35.2%
Apt. Complexes
50.2%
50.2%
Mobile Homes
0.1%
0.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
6.9%
6.9%
1 Bedroom
27.6%
27.6%
2 Bedrooms
36.2%
36.2%
3 Bedrooms
22.3%
22.3%
4 Bedrooms
4.6%
4.6%
5 or more bedrooms
2.2%
2.2%
0.0% 100.0%
% OF HOMES