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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 12,147 people, 4,088 houses or apartments, and a median cost of homes of $703,348, real estate costs in Martinsville 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.
Martinsville is a town of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Martinsville than is found in 98% of the communities in America.
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Martinsville. Owner-occupied housing accounts for 94.09% of Martinsville's homes, and 70.64% have either three or four bedrooms, which is average sized relative to America.
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. Martinsville's housing was primarily built during this period, from the '40s through the '60s. A full 45.75% of the town's housing hails from this era. Other housing ages represented in Martinsville include homes built between 1970-1999 ( 37.93%) and housing constructed between 2000 and later ( 9.57%). There's also some housing in Martinsville built before 1939 ( 6.75%).
Some of the lowest real estate appreciation rates in America over the last ten years have been in Martinsville, where house values have increased just 38.73%, which is annualized rate of 3.33%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Martinsville appreciation rates have trailed the rest of the nation. In the last twelve months, Martinsville's appreciation rate has been 5.19%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Martinsville were at -1.00%, which equates to an annual appreciation rate of -3.93%.
Relative to New Jersey, our data show that Martinsville's latest annual appreciation rate is lower than 60% of the other cities and towns in New Jersey.
$3,243 / per month