New Providence, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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New Providence, NJ Real Estate Data


New Providence Housing Market Information

With 12,469 people, 4,441 houses or apartments, and a median cost of homes of $655,042, New Providence house prices are not only among the most expensive in New Jersey, New Providence 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 New Providence, accounting for 75.52% of the borough's housing units. Other types of housing that are prevalent in New Providence include duplexes, homes converted to apartments or other small apartment buildings ( 12.11%), large apartment complexes or high rise apartments ( 9.58%), and a few row houses and other attached homes ( 2.79%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in New Providence. Owner-occupied housing accounts for 77.00% of New Providence's homes, and 61.90% 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. New Providence's housing was primarily built during this period, from the '40s through the '60s. A full 76.13% of the borough's housing hails from this era. Other housing ages represented in New Providence include homes built between 1970-1999 ( 12.45%) and housing constructed before 1939 ( 8.56%). There's also some housing in New Providence built between 2000 and later ( 2.85%).

New Providence Home Appreciation Rates

Appreciation rates for homes in New Providence have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 4.51%, which ranks in the top 50% nationwide. This equates to an annual average New Providence house appreciation rate of 0.44%.

Over the last year, New Providence appreciation rates have trailed the rest of the nation. In the last twelve months, New Providence's appreciation rate has been 4.17%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in New Providence were at 1.43%, which equates to an annual appreciation rate of 5.85%.

Relative to New Jersey, our data show that New Providence's latest annual appreciation rate is higher than 60% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$655,042

New Providence, NJ HOME PRICES

Value Range
> $1,141,000 4.1
$856,001 - $1,141,000 14.9
$571,001 - $856,000 45.6
$456,001 - $571,000 21.0
$342,001 - $456,000 7.5
$228,001 - $342,000 3.5
$114,001 - $228,000 1.3
$57,001 - $114,000 0.6
$0 - $57,000 1.5

Very High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
3.29097616677402 13.6178861788618

Number Of Homes And Apartments:
4,441

Rent & Ownership

 

Average Market Rent:
$1,916 / per month

Homeownership Rate

Homeownership
Owners 77.00
Renters 23.00
Vacant 3.98

Housing Market Details

 

Age of Homes

AGE OF New Providence HOMES
2000 or Newer 2.9
1970 - 1999 12.5
1940 - 1969 76.1
1939 or Older 8.6

Types of Homes

TYPE OF New Providence HOMES
Single-Family 75.5
Townhomes 2.8
Small Apt. Buildings 12.1
Apt. Complexes 9.6
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF New Providence HOMES
No Bedroom 0.48
1 Bedroom 11.83
2 Bedrooms 15.20
3 Bedrooms 30.57
4 Bedrooms 31.33
5 or more bedrooms 10.59

New Providence Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
76.00% 3.38% 9 9
* 10 is highest

Popular Neighborhoods in New Providence

Zip Codes in New Providence, NJ