Park Ridge, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Park Ridge, NJ Real Estate Data


Park Ridge Housing Market Information

With a population of 8,919, 3,225 total housing units (homes and apartments), and a median house value of $570,730, Park Ridge house prices are not only among the most expensive in New Jersey, Park Ridge 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 Park Ridge, accounting for 69.67% of the borough's housing units. Other types of housing that are prevalent in Park Ridge include duplexes, homes converted to apartments or other small apartment buildings ( 11.71%), large apartment complexes or high rise apartments ( 11.38%), and a few row houses and other attached homes ( 7.23%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Park Ridge. Owner-occupied housing accounts for 76.01% of Park Ridge's homes, and 61.04% 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. Park Ridge's housing was primarily built during this period, from the '40s through the '60s. A full 46.82% of the borough's housing hails from this era. Other housing ages represented in Park Ridge include homes built between 1970-1999 ( 34.87%) and housing constructed before 1939 ( 11.47%). There's also some housing in Park Ridge built between 2000 and later ( 6.84%).

Park Ridge Home Appreciation Rates

Park Ridge's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Park Ridge during the period has been just -1.10%, which is lower than 70% of US communities.

Over the last year, Park Ridge appreciation rates have trailed the rest of the nation. In the last twelve months, Park Ridge's appreciation rate has been 4.04%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Park Ridge were at 1.43%, which equates to an annual appreciation rate of 5.85%.

Relative to New Jersey, our data show that Park Ridge's latest annual appreciation rate is higher than 50% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$570,730

Park Ridge, NJ HOME PRICES

Value Range
> $1,094,000 3.1
$820,001 - $1,094,000 8.6
$547,001 - $820,000 40.5
$437,001 - $547,000 27.2
$328,001 - $437,000 13.8
$218,001 - $328,000 4.7
$109,001 - $218,000 1.9
$54,001 - $109,000 0.0
$0 - $54,000 0.2

Very High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
4.61439362885753 19.5121951219512

Number Of Homes And Apartments:
3,225

Rent & Ownership

 

Average Market Rent:
$1,887 / per month

Homeownership Rate

Homeownership
Owners 76.01
Renters 23.99
Vacant 3.65

Housing Market Details

 

Age of Homes

AGE OF Park Ridge HOMES
2000 or Newer 6.8
1970 - 1999 34.9
1940 - 1969 46.8
1939 or Older 11.5

Types of Homes

TYPE OF Park Ridge HOMES
Single-Family 69.7
Townhomes 7.2
Small Apt. Buildings 11.7
Apt. Complexes 11.4
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Park Ridge HOMES
No Bedroom 2.93
1 Bedroom 9.53
2 Bedrooms 17.69
3 Bedrooms 34.48
4 Bedrooms 26.56
5 or more bedrooms 8.81

Park Ridge 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
52.85% 2.53% 5 6
* 10 is highest