Jersey City, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Jersey City, NJ Real Estate Data


Jersey City Housing Market Information

With a population of 264,290, 99,058 total housing units (homes and apartments), and a median house value of $391,834, 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 48.12% 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 ( 35.87%), single-family detached homes ( 7.98%), and a few row houses and other attached homes ( 7.80%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

Jersey City is dominated by renter-occupied one, two, or no bedrooms apartments. 71.38% of Jersey City's dwellings are rentals.

The housing in Jersey City was primarily built before 1939 ( 37.36%), 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 ( 25.87%), followed by between 1970-1999 ( 19.56%). There's also some housing in Jersey City built between 2000 and later ( 17.20%).

Vacant housing appears to be an issue in Jersey City. Fully 10.95% 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

Appreciation rates for homes in Jersey City have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 10.08%, which ranks in the top 30% nationwide. This equates to an annual average Jersey City house appreciation rate of 0.97%.

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 13.58%, which is higher than appreciation rates in 98.06% 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 2.84%, which equates to an annual appreciation rate of 11.85%.

Importantly, NeighborhoodScout’s exclusive research found that Jersey City's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

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:
$391,834

Jersey City, NJ HOME PRICES

Value Range
> $1,311,000 1.5
$983,001 - $1,311,000 3.1
$656,001 - $983,000 11.5
$524,001 - $656,000 12.0
$393,001 - $524,000 23.5
$262,001 - $393,000 28.3
$131,001 - $262,000 13.7
$66,001 - $131,000 2.6
$0 - $66,000 2.9

Average for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
9.65076760810969 42.2764227642276

Number Of Homes And Apartments:
99,058

Rent & Ownership

 

Average Market Rent:
$1,505 / per month

Homeownership Rate

Homeownership
Owners 28.62
Renters 71.38
Vacant 10.95

Housing Market Details

 

Age of Homes

AGE OF Jersey City HOMES
2000 or Newer 17.2
1970 - 1999 19.6
1940 - 1969 25.9
1939 or Older 37.4

Types of Homes

TYPE OF Jersey City HOMES
Single-Family 8.0
Townhomes 7.8
Small Apt. Buildings 35.9
Apt. Complexes 48.1
Mobile Homes 0.1
Other 0.1

Home Size

SIZE OF Jersey City HOMES
No Bedroom 5.43
1 Bedroom 28.90
2 Bedrooms 35.06
3 Bedrooms 23.65
4 Bedrooms 4.35
5 or more bedrooms 2.61

Jersey City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
139.82% 5.20% 10 10
* 10 is highest