Paramus, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Paramus Neighborhoods Since 2000




Paramus, NJ Real Estate Data


Paramus Housing Market Information

With 26,974 people, 8,435 houses or apartments, and a median cost of homes of $626,200, Paramus house prices are not only among the most expensive in New Jersey, Paramus 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 Paramus, accounting for 86.42% of the borough's housing units. Other types of housing that are prevalent in Paramus include large apartment complexes or high rise apartments ( 5.49%), duplexes, homes converted to apartments or other small apartment buildings ( 4.38%), and a few row houses and other attached homes ( 3.71%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Paramus. Owner-occupied housing accounts for 83.43% of Paramus's homes, and 72.17% 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. Paramus's housing was primarily built during this period, from the '40s through the '60s. A full 64.77% of the borough's housing hails from this era. Other housing ages represented in Paramus include homes built between 1970-1999 ( 17.62%) and housing constructed between 2000 and later ( 11.80%). There's also some housing in Paramus built before 1939 ( 5.81%).

Paramus Home Appreciation Rates

Real estate appreciation rates in Paramus's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.15% during the period.

Over the last year, Paramus appreciation rates have trailed the rest of the nation. In the last twelve months, Paramus's appreciation rate has been 3.94%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Paramus were at 1.43%, which equates to an annual appreciation rate of 5.85%.

Relative to New Jersey, our data show that Paramus's latest annual appreciation rate is higher than 50% 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 borough. Individual neighborhoods within Paramus differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Paramus - 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 Paramus real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$626,200

Paramus, NJ HOME PRICES

Value Range
> $1,124,000 6.6
$843,001 - $1,124,000 10.4
$562,001 - $843,000 42.5
$449,001 - $562,000 24.5
$337,001 - $449,000 8.7
$225,001 - $337,000 3.8
$112,001 - $225,000 1.5
$57,001 - $112,000 0.6
$0 - $57,000 1.5

Very High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
3.71259588920771 15.2439024390244

Number Of Homes And Apartments:
8,435

Rent & Ownership

 

Average Market Rent:
$1,837 / per month

Homeownership Rate

Homeownership
Owners 83.43
Renters 16.57
Vacant 3.61

Housing Market Details

 

Age of Homes

AGE OF Paramus HOMES
2000 or Newer 11.8
1970 - 1999 17.6
1940 - 1969 64.8
1939 or Older 5.8

Types of Homes

TYPE OF Paramus HOMES
Single-Family 86.4
Townhomes 3.7
Small Apt. Buildings 4.4
Apt. Complexes 5.5
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Paramus HOMES
No Bedroom 1.82
1 Bedroom 3.04
2 Bedrooms 11.29
3 Bedrooms 37.94
4 Bedrooms 34.24
5 or more bedrooms 11.68

Paramus 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
70.74% 3.20% 8 9
* 10 is highest