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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Thorofare, NJ Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Thorofare, NJ Housing Market Trends

With 2,806 people, 1,208 houses or apartments, and a median cost of homes of $309,647, Thorofare real estate values are some of the lowest in New Jersey, although compared to real estate around the nation, Thorofare homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Thorofare, accounting for 58.92% of the town's housing units. Other types of housing that are prevalent in Thorofare include large apartment complexes or high rise apartments ( 24.98%), row houses and other attached homes ( 12.65%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.46%).

Dwellings in Thorofare tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 54.75% of the homes in Thorofare have two or fewer bedrooms.

Thorofare homes and real estate are some of the newest in America. 45.48% of Thorofare's housing was built since 2000, making the town have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Thorofare real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 24.27%), and between 1940-1969 ( 16.89%). There's also some housing in Thorofare built before 1939 ( 13.35%).

Thorofare Home Appreciation Rates

Thorofare's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Thorofare during the period has been just 4.74%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Thorofare's appreciation rate, at 6.29%, has been at or slightly above the national average. In the latest quarter, Thorofare's appreciation rate has been 0.82%, which annualizes to a rate of 3.32%.

Relative to New Jersey, our data show that Thorofare's latest annual appreciation rate is higher than 80% of the other cities and towns in New Jersey.

Average Home Values

Median Home Value

$309,647

Thorofare, NJ Home Prices
> $1,388,000
$1,040,001 - $1,388,000
$693,001 - $1,040,000
$555,001 - $693,000
$416,001 - $555,000
$277,001 - $416,000
$139,001 - $277,000
$69,001 - $139,000
$0 - $69,000
0.0%
0.0%
0.0%
0.0%
0.9%
0.9%
3.8%
3.8%
20.0%
20.0%
32.8%
32.8%
28.8%
28.8%
5.0%
5.0%
8.7%
8.7%
0% 100.0%
% of Homes
Very Low

for New jersey

High

for nation

Number of Homes And Apartments:

1,208

Thorofare Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,851 / per month

Homeownership Rate

Owners
Renters
67.8%
67.8%
32.2%
32.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.1%
5.1%
94.9%
94.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
45.5%
45.5%
24.3%
24.3%
16.9%
16.9%
13.4%
13.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
58.9%
58.9%
12.6%
12.6%
3.5%
3.5%
25.0%
25.0%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
8.5%
8.5%
46.3%
46.3%
37.1%
37.1%
7.5%
7.5%
0.7%
0.7%
0% 100.0%
% of Homes