Raritan, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Raritan, 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

Raritan Housing Market Information

With 8,031 people, 2,712 houses or apartments, and a median cost of homes of $406,921, real estate costs in Raritan 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 Raritan, accounting for 51.09% of the borough's housing units. Other types of housing that are prevalent in Raritan include duplexes, homes converted to apartments or other small apartment buildings ( 26.25%), large apartment complexes or high rise apartments ( 13.35%), and a few row houses and other attached homes ( 9.31%).

The most prevalent building size and type in Raritan are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 62.86% owning and 37.14% 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. Raritan's housing was primarily built during this period, from the '40s through the '60s. A full 40.77% of the borough's housing hails from this era. Other housing ages represented in Raritan include homes built before 1939 ( 24.39%) and housing constructed between 1970-1999 ( 21.43%). There's also some housing in Raritan built between 2000 and later ( 13.42%).

Vacant housing appears to be an issue in Raritan. Fully 11.69% of the housing stock is classified as vacant. Left unchecked, vacant Raritan homes and apartments can be a drag on the real estate market, holding Raritan 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.

Raritan Home Appreciation Rates

Raritan's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Raritan during the period has been just -1.55%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Raritan's appreciation rate, at 3.30%, has been at or slightly above the national average. In the latest quarter, Raritan's appreciation rate has been 0.66%, which annualizes to a rate of 2.68%.

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

Average Home Values

 

Median Home Value:
$406,921

Raritan, NJ HOME PRICES

Value Range
> $1,100,000 1.0
$825,001 - $1,100,000 0.0
$551,001 - $825,000 10.0
$440,001 - $551,000 8.5
$331,001 - $440,000 36.1
$220,001 - $331,000 33.4
$111,001 - $220,000 7.1
$55,001 - $111,000 0.0
$0 - $55,000 3.8

High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
9.17028008906598 38.4146341463415

Number Of Homes And Apartments:
2,712

Raritan 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
50.23% 2.39% 5 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,886 / per month

Homeownership Rate

Homeownership
Owners 62.86
Renters 37.14
Vacant 11.69

Housing Market Details

 

Age of Homes

AGE OF Raritan HOMES
2000 or Newer 13.4
1970 - 1999 21.4
1940 - 1969 40.8
1939 or Older 24.4

Types of Homes

TYPE OF Raritan HOMES
Single-Family 51.1
Townhomes 9.3
Small Apt. Buildings 26.2
Apt. Complexes 13.4
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Raritan HOMES
No Bedroom 1.53
1 Bedroom 15.21
2 Bedrooms 28.72
3 Bedrooms 36.21
4 Bedrooms 15.89
5 or more bedrooms 2.44