Palmyra, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Palmyra Neighborhoods Since 2000




Palmyra, 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

Palmyra Housing Market Information

With a population of 7,314, 3,186 total housing units (homes and apartments), and a median house value of $177,689, Palmyra real estate values are some of the lowest in New Jersey, although compared to real estate around the nation, Palmyra homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Palmyra, accounting for 49.71% of the borough's housing units. Other types of housing that are prevalent in Palmyra include row houses and other attached homes ( 23.28%), large apartment complexes or high rise apartments ( 14.35%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 12.66%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Palmyra. Owner-occupied housing accounts for 74.42% of Palmyra's homes, and 50.35% have either three or four bedrooms, which is average sized relative to America.

The housing in Palmyra was primarily built before 1939 ( 34.18%), making the housing stock in Palmyra some of the oldest overall in America, although there is a range of ages of homes in Palmyra. The next most important housing age is between 1940-1969 ( 30.47%), followed by between 1970-1999 ( 30.19%). There's also some housing in Palmyra built between 2000 and later ( 5.17%).

Vacant housing appears to be an issue in Palmyra. Fully 10.53% of the housing stock is classified as vacant. Left unchecked, vacant Palmyra homes and apartments can be a drag on the real estate market, holding Palmyra real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Palmyra Home Appreciation Rates

Homes have actually lost value in Palmyra over the last then years, as home values have seen a decline of 19.66% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Palmyra home appreciation rates at 0.08%, which equates to an annual appreciation rate of 0.32%.

NeighborhoodScout's data show that during the latest twelve months, Palmyra's appreciation rate, at 5.11%, has been at or slightly above the national average. In the latest quarter, Palmyra's appreciation rate has been 0.08%, which annualizes to a rate of 0.32%.

Relative to New Jersey, our data show that Palmyra's latest annual appreciation rate is higher than 80% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$177,689

Palmyra, NJ HOME PRICES

Value Range
> $1,059,000 0.7
$794,001 - $1,059,000 0.0
$530,001 - $794,000 2.9
$424,001 - $530,000 0.4
$318,001 - $424,000 3.5
$212,001 - $318,000 26.5
$106,001 - $212,000 59.6
$53,001 - $106,000 3.1
$0 - $53,000 3.4

Very Low for NJ
High for Nation

Value Relative to Nation Value Relative to State
38.9487870619946 90.650406504065

Number Of Homes And Apartments:
3,186

Palmyra 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
43.51% 2.12% 3 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,269 / per month

Homeownership Rate

Homeownership
Owners 74.42
Renters 25.58
Vacant 10.53

Housing Market Details

 

Age of Homes

AGE OF Palmyra HOMES
2000 or Newer 5.2
1970 - 1999 30.2
1940 - 1969 30.5
1939 or Older 34.2

Types of Homes

TYPE OF Palmyra HOMES
Single-Family 49.7
Townhomes 23.3
Small Apt. Buildings 12.7
Apt. Complexes 14.3
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Palmyra HOMES
No Bedroom 1.43
1 Bedroom 12.13
2 Bedrooms 33.47
3 Bedrooms 39.40
4 Bedrooms 10.95
5 or more bedrooms 2.61