South Orange, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating South Orange Neighborhoods Since 2000




South Orange, 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

South Orange Housing Market Information

With 16,380 people, 1,310 houses or apartments, and a median cost of homes of $590,892, South Orange house prices are not only among the most expensive in New Jersey, South Orange 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 South Orange, accounting for 65.23% of the town's housing units. Other types of housing that are prevalent in South Orange include large apartment complexes or high rise apartments ( 25.73%), duplexes, homes converted to apartments or other small apartment buildings ( 6.38%), and a few row houses and other attached homes ( 2.66%).

The most prevalent building size and type in South Orange are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 63.11% owning and 36.89% renting.

The housing in South Orange was primarily built before 1939 ( 53.39%), making the housing stock in South Orange some of the oldest overall in America, although there is a range of ages of homes in South Orange. The next most important housing age is between 1940-1969 ( 27.65%), followed by between 1970-1999 ( 14.05%). There's also some housing in South Orange built between 2000 and later ( 4.91%).

South Orange Home Appreciation Rates

Appreciation rates for homes in South Orange have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.84%, which ranks in the top 40% nationwide. This equates to an annual average South Orange house appreciation rate of 0.66%.

Appreciation rates are so strong in South Orange that despite a nationwide downturn in the housing market, South Orange real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, South Orange appreciation rates continue to be some of the highest in America, at 6.35%, which is higher than appreciation rates in 76.83% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in South Orange. South Orange appreciation rates in the latest quarter were at 0.66%, which equates to an annual appreciation rate of 2.68%.

Relative to New Jersey, our data show that South Orange's latest annual appreciation rate is higher than 90% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$590,892

South Orange, NJ HOME PRICES

Value Range
> $1,180,000 2.4
$886,001 - $1,180,000 12.4
$590,001 - $886,000 28.6
$472,001 - $590,000 23.6
$354,001 - $472,000 20.2
$236,001 - $354,000 8.4
$118,001 - $236,000 2.4
$59,001 - $118,000 0.7
$0 - $59,000 1.3

Very High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
4.07828430798078 17.0731707317073

Number Of Homes And Apartments:
1,310

South Orange 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
101.53% 4.15% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,291 / per month

Homeownership Rate

Homeownership
Owners 63.11
Renters 36.89
Vacant 5.07

Housing Market Details

 

Age of Homes

AGE OF South Orange HOMES
2000 or Newer 4.9
1970 - 1999 14.1
1940 - 1969 27.7
1939 or Older 53.4

Types of Homes

TYPE OF South Orange HOMES
Single-Family 65.2
Townhomes 2.7
Small Apt. Buildings 6.4
Apt. Complexes 25.7
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF South Orange HOMES
No Bedroom 2.80
1 Bedroom 12.72
2 Bedrooms 15.00
3 Bedrooms 26.32
4 Bedrooms 20.76
5 or more bedrooms 22.39