Jersey City, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Jersey City, 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 Q3 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Jersey City Housing Market Information

With 270,753 people, 99,612 houses or apartments, and a median cost of homes of $456,592, 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 48.21% 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 ( 35.88%), single-family detached homes ( 8.09%), and a few row houses and other attached homes ( 7.63%). 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. 72.42% of Jersey City's dwellings are rentals.

The housing in Jersey City was primarily built before 1939 ( 37.15%), 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 ( 24.28%), followed by between 1970-1999 ( 20.88%). There's also some housing in Jersey City built between 2000 and later ( 17.69%).

Vacant housing appears to be an issue in Jersey City. Fully 10.53% of the housing stock is classified as vacant. Left unchecked, vacant Jersey City homes and apartments can be a drag on the real estate market, holding Jersey City 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.

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 31.40% over the last ten years, which is an average annual home appreciation rate of 2.77%, putting Jersey City in the top 20% 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.

Appreciation rates are so strong in Jersey City that despite a nationwide downturn in the housing market, Jersey City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Jersey City appreciation rates continue to be some of the highest in America, at 7.72%, which is higher than appreciation rates in 80.52% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Jersey City. Jersey City appreciation rates in the latest quarter were at 1.23%, which equates to an annual appreciation rate of 5.02%.

Relative to New Jersey, our data show that Jersey City's latest annual appreciation rate is higher 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 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:
$456,592

Jersey City, NJ HOME PRICES

Value Range
> $1,449,000 3.4
$1,087,001 - $1,449,000 3.6
$724,001 - $1,087,000 12.6
$579,001 - $724,000 12.6
$435,001 - $579,000 23.5
$290,001 - $435,000 25.9
$145,001 - $290,000 13.0
$72,001 - $145,000 2.2
$0 - $72,000 3.3

High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
8.77372262773723 36.0606060606061

Number Of Homes And Apartments:
99,612

Jersey City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2018 Q2 - 2018 Q3
Last 12 Months:
2017 Q3 - 2018 Q3
Last 2 Years:
2016 Q3 - 2018 Q3
Last 5 Years:
2013 Q3 - 2018 Q3
Last 10 Years:
2008 Q3 - 2018 Q3
Since 2000:
2000 Q1 - 2018 Q3
183.07% 5.71%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,773 / per month

Homeownership Rate

Homeownership
Owners 27.58
Renters 72.42
Vacant 10.53

Housing Market Details

 

Age of Homes

AGE OF Jersey City HOMES
2000 or Newer 17.7
1970 - 1999 20.9
1940 - 1969 24.3
1939 or Older 37.2

Types of Homes

TYPE OF Jersey City HOMES
Single-Family 8.1
Townhomes 7.6
Small Apt. Buildings 35.9
Apt. Complexes 48.2
Mobile Homes 0.1
Other 0.1

Home Size

SIZE OF Jersey City HOMES
No Bedroom 5.95
1 Bedroom 28.13
2 Bedrooms 35.19
3 Bedrooms 23.73
4 Bedrooms 4.50
5 or more bedrooms 2.50