Milltown, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Milltown Neighborhoods Since 2000




Milltown, 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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

Milltown Housing Market Information

With a population of 7,049, 2,546 total housing units (homes and apartments), and a median house value of $375,022, real estate costs in Milltown 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.

Single-family detached homes are the single most common housing type in Milltown, accounting for 80.85% of the borough's housing units. Other types of housing that are prevalent in Milltown include duplexes, homes converted to apartments or other small apartment buildings ( 15.22%), row houses and other attached homes ( 2.02%), and a few large apartment complexes or high rise apartments ( 1.91%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Milltown. Owner-occupied housing accounts for 82.23% of Milltown's homes, and 74.14% 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. Milltown's housing was primarily built during this period, from the '40s through the '60s. A full 44.04% of the borough's housing hails from this era. Other housing ages represented in Milltown include homes built between 1970-1999 ( 29.95%) and housing constructed before 1939 ( 26.01%).

Milltown Home Appreciation Rates

Milltown's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Milltown during the period has been just -1.41%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Milltown's appreciation rate, at 4.19%, has been at or slightly above the national average. In the latest quarter, Milltown's appreciation rate has been 0.66%, which annualizes to a rate of 2.68%.

Relative to New Jersey, our data show that Milltown's latest annual appreciation rate is higher than 70% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$375,022

Milltown, NJ HOME PRICES

Value Range
> $1,085,000 1.4
$813,001 - $1,085,000 0.0
$542,001 - $813,000 3.7
$434,001 - $542,000 17.1
$325,001 - $434,000 50.0
$217,001 - $325,000 20.8
$108,001 - $217,000 3.8
$54,001 - $108,000 0.9
$0 - $54,000 2.3

Average for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
10.6527598734326 46.7479674796748

Number Of Homes And Apartments:
2,546

Milltown Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
52.72% 2.48% 5 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,715 / per month

Homeownership Rate

Homeownership
Owners 82.23
Renters 17.77
Vacant 4.57

Housing Market Details

 

Age of Homes

AGE OF Milltown HOMES
2000 or Newer 0.0
1970 - 1999 29.9
1940 - 1969 44.0
1939 or Older 26.0

Types of Homes

TYPE OF Milltown HOMES
Single-Family 80.8
Townhomes 2.0
Small Apt. Buildings 15.2
Apt. Complexes 1.9
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Milltown HOMES
No Bedroom 0.00
1 Bedroom 8.32
2 Bedrooms 12.71
3 Bedrooms 52.17
4 Bedrooms 21.96
5 or more bedrooms 4.84