Scotch Plains, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Scotch Plains, NJ Real Estate Data


Scotch Plains Housing Market Information

With 24,149 people, 2,285 houses or apartments, and a median cost of homes of $532,811, real estate costs in Scotch Plains 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 Scotch Plains, accounting for 76.50% of the town's housing units. Other types of housing that are prevalent in Scotch Plains include large apartment complexes or high rise apartments ( 9.85%), row houses and other attached homes ( 6.67%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.22%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Scotch Plains. Owner-occupied housing accounts for 78.95% of Scotch Plains's homes, and 65.34% 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. Scotch Plains's housing was primarily built during this period, from the '40s through the '60s. A full 51.19% of the town's housing hails from this era. Other housing ages represented in Scotch Plains include homes built between 1970-1999 ( 29.98%) and housing constructed before 1939 ( 11.33%). There's also some housing in Scotch Plains built between 2000 and later ( 7.50%).

Scotch Plains Home Appreciation Rates

Real estate appreciation rates in Scotch Plains'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, Scotch Plains appreciation rates have trailed the rest of the nation. In the last twelve months, Scotch Plains's appreciation rate has been 3.63%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Scotch Plains were at 1.43%, which equates to an annual appreciation rate of 5.85%.

Relative to New Jersey, our data show that Scotch Plains's latest annual appreciation rate is lower than 60% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$532,811

Scotch Plains, NJ HOME PRICES

Value Range
> $1,113,000 5.2
$835,001 - $1,113,000 8.6
$557,001 - $835,000 27.1
$445,001 - $557,000 22.2
$334,001 - $445,000 22.6
$223,001 - $334,000 10.3
$111,001 - $223,000 1.2
$55,001 - $111,000 0.4
$0 - $55,000 2.4

High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
5.33466065468174 23.3739837398374

Number Of Homes And Apartments:
2,285

Rent & Ownership

 

Average Market Rent:
$1,960 / per month

Homeownership Rate

Homeownership
Owners 78.95
Renters 21.05
Vacant 3.41

Housing Market Details

 

Age of Homes

AGE OF Scotch Plains HOMES
2000 or Newer 7.5
1970 - 1999 30.0
1940 - 1969 51.2
1939 or Older 11.3

Types of Homes

TYPE OF Scotch Plains HOMES
Single-Family 76.5
Townhomes 6.7
Small Apt. Buildings 6.2
Apt. Complexes 9.8
Mobile Homes 0.6
Other 0.2

Home Size

SIZE OF Scotch Plains HOMES
No Bedroom 0.10
1 Bedroom 12.51
2 Bedrooms 13.00
3 Bedrooms 33.36
4 Bedrooms 31.97
5 or more bedrooms 9.05

Scotch Plains 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
67.74% 3.09% 7 8
* 10 is highest