Montclair NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Montclair, 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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Montclair Housing Market Information

With 38,740 people, 1,222 houses or apartments, and a median cost of homes of $808,699, Montclair house prices are not only among the most expensive in New Jersey, Montclair real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Montclair, accounting for 50.94% of the town's housing units. Other types of housing that are prevalent in Montclair include duplexes, homes converted to apartments or other small apartment buildings ( 23.63%), large apartment complexes or high rise apartments ( 22.68%), and a few row houses and other attached homes ( 2.75%).

People in Montclair primarily live in small (one, two or no bedroom) single-family detached homes. Montclair has a mixture of owner-occupied and renter-occupied housing.

The housing in Montclair was primarily built before 1939 ( 61.34%), making the housing stock in Montclair some of the oldest overall in America, although there is a range of ages of homes in Montclair. The next most important housing age is between 1940-1969 ( 24.72%), followed by between 1970-1999 ( 10.04%). There's also some housing in Montclair built between 2000 and later ( 3.91%).

Montclair Home Appreciation Rates

Appreciation rates for homes in Montclair have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 32.69%, which ranks in the top 40% nationwide. This equates to an annual average Montclair house appreciation rate of 2.87%.

Over the last year, Montclair appreciation rates have trailed the rest of the nation. In the last twelve months, Montclair's appreciation rate has been 2.06%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Montclair were at 1.04%, which equates to an annual appreciation rate of 4.22%.

Relative to New Jersey, our data show that Montclair's latest annual appreciation rate is lower 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 Montclair differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Montclair - 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 Montclair real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$808,699

Montclair, NJ HOME PRICES

Value Range
> $1,125,000 10.7
$844,001 - $1,125,000 20.6
$563,001 - $844,000 25.2
$450,001 - $563,000 12.6
$338,001 - $450,000 14.2
$225,001 - $338,000 10.8
$113,001 - $225,000 3.4
$56,001 - $113,000 0.4
$0 - $56,000 2.2

Very High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
2.3007299270073 7.07070707070707

Number Of Homes And Apartments:
1,222

Montclair Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
Since 2000:
2000 Q1 - 2020 Q1
115.63% 3.87%
9
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,688 / per month

Homeownership Rate

Homeownership
Owners 60.38
Renters 39.62
Vacant 5.70

Housing Market Details

 

Age of Homes

AGE OF Montclair HOMES
2000 or Newer 3.9
1970 - 1999 10.0
1940 - 1969 24.7
1939 or Older 61.3

Types of Homes

TYPE OF Montclair HOMES
Single-Family 50.9
Townhomes 2.8
Small Apt. Buildings 23.6
Apt. Complexes 22.7
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Montclair HOMES
No Bedroom 2.22
1 Bedroom 16.39
2 Bedrooms 22.50
3 Bedrooms 22.97
4 Bedrooms 16.25
5 or more bedrooms 19.67