Kearny, NJ Housing Market Trends
With a population of 39,370, 14,756 total housing units (homes and apartments), and a median house value of $622,932, real estate costs in Kearny 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.
Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Kearny, accounting for 42.35% of the town's housing units. Other types of housing that are prevalent in Kearny include single-family detached homes ( 31.34%), large apartment complexes or high rise apartments ( 21.64%), and a few row houses and other attached homes ( 4.59%). 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.
People in Kearny primarily live in small (one, two or no bedroom) units, chiefly found in duplexes, homes converted to apartments or other small apartment buildings. Kearny has a mixture of owner-occupied and renter-occupied housing.
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. Kearny's housing was primarily built during this period, from the '40s through the '60s. A full 37.11% of the town's housing hails from this era. Other housing ages represented in Kearny include homes built before 1939 ( 36.85%) and housing constructed between 1970-1999 ( 17.99%). There's also some housing in Kearny built between 2000 and later ( 8.04%).
Kearny Home Appreciation Rates
Appreciation rates for homes in Kearny have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 100.38%, which ranks in the top 40% nationwide. This equates to an annual average Kearny house appreciation rate of 7.20%.
Appreciation rates are so strong in Kearny that despite a nationwide downturn in the housing market, Kearny real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Kearny appreciation rates continue to be some of the highest in America, at 11.98%, which is higher than appreciation rates in 97.68% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Kearny. Kearny appreciation rates in the latest quarter were at 2.11%, which equates to an annual appreciation rate of 8.71%.
Relative to New Jersey, our data show that Kearny's latest annual appreciation rate is higher than 80% 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 Kearny differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Kearny - 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 Kearny real estate investment or home purchase decisions.
Median Home Value
$622,932
Average
for New jersey
Very High
for nation
Number of Homes And Apartments:
14,756
NJ
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$2,963 / per month