Parsippany, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Parsippany Neighborhoods Since 2000




Parsippany, 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

Parsippany Housing Market Information

With a population of 29,273, 1,715 total housing units (homes and apartments), and a median house value of $481,583, real estate costs in Parsippany 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.

Single-family detached homes are the single most common housing type in Parsippany, accounting for 54.64% of the town's housing units. Other types of housing that are prevalent in Parsippany include large apartment complexes or high rise apartments ( 34.04%), duplexes, homes converted to apartments or other small apartment buildings ( 5.66%), and a few row houses and other attached homes ( 5.47%).

The most prevalent building size and type in Parsippany are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 57.65% owning and 42.35% renting.

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. Parsippany's housing was primarily built during this period, from the '40s through the '60s. A full 48.26% of the town's housing hails from this era. Other housing ages represented in Parsippany include homes built between 1970-1999 ( 38.22%) and housing constructed between 2000 and later ( 9.29%). There's also some housing in Parsippany built before 1939 ( 4.23%).

Parsippany Home Appreciation Rates

Parsippany's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Parsippany during the period has been just -1.04%, which is lower than 70% of US communities.

Over the last year, Parsippany appreciation rates have trailed the rest of the nation. In the last twelve months, Parsippany's appreciation rate has been 2.51%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Parsippany were at 0.66%, which equates to an annual appreciation rate of 2.68%.

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

Average Home Values

 

Median Home Value:
$481,583

Parsippany, NJ HOME PRICES

Value Range
> $1,072,000 0.0
$804,001 - $1,072,000 0.9
$536,001 - $804,000 26.7
$429,001 - $536,000 37.2
$322,001 - $429,000 23.4
$214,001 - $322,000 6.9
$107,001 - $214,000 2.3
$54,001 - $107,000 0.6
$0 - $54,000 2.1

High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
6.42212586429157 28.0487804878049

Number Of Homes And Apartments:
1,715

Parsippany 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
54.60% 2.56% 6 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,656 / per month

Homeownership Rate

Homeownership
Owners 57.65
Renters 42.35
Vacant 5.20

Housing Market Details

 

Age of Homes

AGE OF Parsippany HOMES
2000 or Newer 9.3
1970 - 1999 38.2
1940 - 1969 48.3
1939 or Older 4.2

Types of Homes

TYPE OF Parsippany HOMES
Single-Family 54.6
Townhomes 5.5
Small Apt. Buildings 5.7
Apt. Complexes 34.0
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Parsippany HOMES
No Bedroom 1.27
1 Bedroom 29.28
2 Bedrooms 15.61
3 Bedrooms 23.01
4 Bedrooms 27.47
5 or more bedrooms 3.36