Morris Plains, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Morris Plains, NJ Real Estate Data


Morris Plains Housing Market Information

With a population of 5,626, 2,084 total housing units (homes and apartments), and a median house value of $546,116, real estate costs in Morris Plains 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 Morris Plains, accounting for 78.37% of the borough's housing units. Other types of housing that are prevalent in Morris Plains include large apartment complexes or high rise apartments ( 14.17%), duplexes, homes converted to apartments or other small apartment buildings ( 4.06%), and a few row houses and other attached homes ( 3.40%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Morris Plains. Owner-occupied housing accounts for 86.50% of Morris Plains's homes, and 65.73% 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. Morris Plains's housing was primarily built during this period, from the '40s through the '60s. A full 47.09% of the borough's housing hails from this era. Other housing ages represented in Morris Plains include homes built between 1970-1999 ( 26.15%) and housing constructed before 1939 ( 20.37%). There's also some housing in Morris Plains built between 2000 and later ( 6.39%).

Morris Plains Home Appreciation Rates

Real estate appreciation rates in Morris Plains's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.21% during the period.

NeighborhoodScout's data show that during the latest twelve months, Morris Plains's appreciation rate, at 4.32%, has been at or slightly above the national average. In the latest quarter, Morris Plains's appreciation rate has been 0.91%, which annualizes to a rate of 3.71%.

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

Average Home Values

 

Median Home Value:
$546,116

Morris Plains, NJ HOME PRICES

Value Range
> $1,092,000 0.0
$819,001 - $1,092,000 2.6
$546,001 - $819,000 37.0
$436,001 - $546,000 29.9
$328,001 - $436,000 16.8
$218,001 - $328,000 10.6
$109,001 - $218,000 0.3
$54,001 - $109,000 0.8
$0 - $54,000 2.0

High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
4.68182350873081 20.9349593495935

Number Of Homes And Apartments:
2,084

Rent & Ownership

 

Average Market Rent:
$2,348 / per month

Homeownership Rate

Homeownership
Owners 86.50
Renters 13.50
Vacant 2.84

Housing Market Details

 

Age of Homes

AGE OF Morris Plains HOMES
2000 or Newer 6.4
1970 - 1999 26.2
1940 - 1969 47.1
1939 or Older 20.4

Types of Homes

TYPE OF Morris Plains HOMES
Single-Family 78.4
Townhomes 3.4
Small Apt. Buildings 4.1
Apt. Complexes 14.2
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Morris Plains HOMES
No Bedroom 3.50
1 Bedroom 7.79
2 Bedrooms 13.15
3 Bedrooms 33.33
4 Bedrooms 32.40
5 or more bedrooms 9.84

Morris Plains 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
62.01% 2.84% 7 8
* 10 is highest