Palisades Park, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Palisades Park Neighborhoods Since 2000




Palisades Park, 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

Palisades Park Housing Market Information

With a population of 20,743, 7,340 total housing units (homes and apartments), and a median house value of $678,288, Palisades Park house prices are not only among the most expensive in New Jersey, Palisades Park real estate also is some of the most expensive in all of America.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Palisades Park, accounting for 36.23% of the borough's housing units. Other types of housing that are prevalent in Palisades Park include large apartment complexes or high rise apartments ( 34.58%), row houses and other attached homes ( 14.44%), and a few single-family detached homes ( 14.40%). Boroughs with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact boroughs that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

Palisades Park is dominated by renter-occupied one, two, or no bedrooms apartments. 68.24% of Palisades Park's dwellings are rentals.

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. Palisades Park's housing was primarily built during this period, from the '40s through the '60s. A full 35.87% of the borough's housing hails from this era. Other housing ages represented in Palisades Park include homes built between 1970-1999 ( 27.24%) and housing constructed between 2000 and later ( 22.45%). There's also some housing in Palisades Park built before 1939 ( 14.44%).

Palisades Park Home Appreciation Rates

Appreciation rates for homes in Palisades Park have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 0.70%, which ranks in the top 50% nationwide. This equates to an annual average Palisades Park house appreciation rate of 0.07%.

Appreciation rates are so strong in Palisades Park that despite a nationwide downturn in the housing market, Palisades Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Palisades Park appreciation rates continue to be some of the highest in America, at 12.85%, which is higher than appreciation rates in 98.33% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Palisades Park. Palisades Park 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 Palisades Park's latest annual appreciation rate is higher than 90% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$678,288

Palisades Park, NJ HOME PRICES

Value Range
> $1,310,000 1.1
$982,001 - $1,310,000 7.2
$655,001 - $982,000 43.4
$524,001 - $655,000 25.3
$393,001 - $524,000 13.6
$262,001 - $393,000 4.2
$131,001 - $262,000 3.0
$65,001 - $131,000 0.5
$0 - $65,000 1.6

Very High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
2.88292511426228 10.9756097560976

Number Of Homes And Apartments:
7,340

Palisades Park 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
110.12% 4.40% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,903 / per month

Homeownership Rate

Homeownership
Owners 31.76
Renters 68.24
Vacant 5.79

Housing Market Details

 

Age of Homes

AGE OF Palisades Park HOMES
2000 or Newer 22.4
1970 - 1999 27.2
1940 - 1969 35.9
1939 or Older 14.4

Types of Homes

TYPE OF Palisades Park HOMES
Single-Family 14.4
Townhomes 14.4
Small Apt. Buildings 36.2
Apt. Complexes 34.6
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Palisades Park HOMES
No Bedroom 3.75
1 Bedroom 20.82
2 Bedrooms 32.32
3 Bedrooms 32.77
4 Bedrooms 8.64
5 or more bedrooms 1.71