North Bergen, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating North Bergen Neighborhoods Since 2000




North Bergen, 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

North Bergen Housing Market Information

With 62,993 people, 1,897 houses or apartments, and a median cost of homes of $373,707, real estate costs in North Bergen 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.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in North Bergen, accounting for 45.40% of the town's housing units. Other types of housing that are prevalent in North Bergen include large apartment complexes or high rise apartments ( 31.82%), single-family detached homes ( 18.85%), and a few row houses and other attached homes ( 3.39%). This particular housing mix is relatively uncommon and characteristic of towns that are compact and walkable, and which often have a lively downtown.

People in North Bergen primarily live in small (one, two or no bedroom) units, chiefly found in duplexes, homes converted to apartments or other small apartment buildings. North Bergen has a mixture of owner-occupied and renter-occupied housing.

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. North Bergen's housing was primarily built during this period, from the '40s through the '60s. A full 39.68% of the town's housing hails from this era. Other housing ages represented in North Bergen include homes built before 1939 ( 28.34%) and housing constructed between 1970-1999 ( 26.42%). There's also some housing in North Bergen built between 2000 and later ( 5.56%).

North Bergen Home Appreciation Rates

North Bergen's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in North Bergen during the period has been just -1.75%, which is lower than 80% of US communities.

Appreciation rates are so strong in North Bergen that despite a nationwide downturn in the housing market, North Bergen real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, North Bergen appreciation rates continue to be some of the highest in America, at 7.24%, which is higher than appreciation rates in 82.67% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in North Bergen. North Bergen appreciation rates in the latest quarter were at 0.66%, which equates to an annual appreciation rate of 2.68%.

Relative to New Jersey, our data show that North Bergen's latest annual appreciation rate is higher than 90% 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 North Bergen differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in North Bergen - 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 North Bergen real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$373,707

North Bergen, NJ HOME PRICES

Value Range
> $1,193,000 0.2
$895,001 - $1,193,000 1.0
$597,001 - $895,000 9.2
$478,001 - $597,000 14.5
$358,001 - $478,000 22.3
$238,001 - $358,000 30.6
$119,001 - $238,000 17.6
$60,001 - $119,000 2.7
$0 - $60,000 1.8

Average for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
10.6996367045588 46.9512195121951

Number Of Homes And Apartments:
1,897

North Bergen 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
79.63% 3.45% 9 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,893 / per month

Homeownership Rate

Homeownership
Owners 41.91
Renters 58.09
Vacant 6.71

Housing Market Details

 

Age of Homes

AGE OF North Bergen HOMES
2000 or Newer 5.6
1970 - 1999 26.4
1940 - 1969 39.7
1939 or Older 28.3

Types of Homes

TYPE OF North Bergen HOMES
Single-Family 18.8
Townhomes 3.4
Small Apt. Buildings 45.4
Apt. Complexes 31.8
Mobile Homes 0.5
Other 0.0

Home Size

SIZE OF North Bergen HOMES
No Bedroom 3.75
1 Bedroom 23.51
2 Bedrooms 30.82
3 Bedrooms 34.02
4 Bedrooms 5.49
5 or more bedrooms 2.42