Union City, 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 Q3 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Union City, NJ Housing Market Trends

With a population of 68,589, 24,499 total housing units (homes and apartments), and a median house value of $479,942, real estate costs in Union City 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.

Large apartment complexes or high rise apartments are the single most common housing type in Union City, accounting for 50.38% of the city's housing units. Other types of housing that are prevalent in Union City include duplexes, homes converted to apartments or other small apartment buildings ( 41.46%), single-family detached homes ( 4.61%), and a few row houses and other attached homes ( 3.37%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

Union City is dominated by renter-occupied one, two, or no bedrooms apartments. 79.38% of Union City's dwellings are rentals.

The housing in Union City was primarily built before 1939 ( 34.70%), making the housing stock in Union City some of the oldest overall in America, although there is a range of ages of homes in Union City. The next most important housing age is between 1940-1969 ( 32.67%), followed by between 1970-1999 ( 21.73%). There's also some housing in Union City built between 2000 and later ( 10.90%).

Union City Home Appreciation Rates

In the last 10 years, Union City has experienced some of the highest home appreciation rates of any community in the nation. Union City real estate appreciated 89.20% over the last ten years, which is an average annual home appreciation rate of 6.58%, putting Union City in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Union City definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Union City appreciation rates have trailed the rest of the nation. In the last twelve months, Union City's appreciation rate has been 11.32%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Union City were at 3.54%, which equates to an annual appreciation rate of 14.92%.

Notably, Union City's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New Jersey, our data show that Union City's latest annual appreciation rate is lower than 80% 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 city. Individual neighborhoods within Union City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Union City - 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 Union City real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$479,942

Union City, NJ HOME PRICES

> $1,325,000
0.7%
0.7%
$994,001 - $1,325,000
0.8%
0.8%
$663,001 - $994,000
10.4%
10.4%
$531,001 - $663,000
21.4%
21.4%
$398,001 - $531,000
31.6%
31.6%
$265,001 - $398,000
22.7%
22.7%
$133,001 - $265,000
10.3%
10.3%
$66,001 - $133,000
0.0%
0.0%
$0 - $66,000
2.0%
2.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Average for NJ

Value Relative To Nation

Number Of Homes And Apartments:
24,499

Union City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2021 Q2 - 2021 Q3
Last 12 Months:
2020 Q3 - 2021 Q3
Last 2 Years:
2019 Q3 - 2021 Q3
Last 5 Years:
2016 Q3 - 2021 Q3
Last 10 Years:
2011 Q3 - 2021 Q3
Since 2000:
2000 Q1 - 2021 Q3
221.55% 5.52%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,265 / per month

Homeownership Rate

Owners
20.6%
20.6%
Renters
79.4%
79.4%
Vacant
8.9%
8.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
10.9%
10.9%
1970 - 1999
21.7%
21.7%
1940 - 1969
32.7%
32.7%
1939 or Older
34.7%
34.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
4.6%
4.6%
Townhomes
3.4%
3.4%
Small Apt. Buildings
41.5%
41.5%
Apt. Complexes
50.4%
50.4%
Mobile Homes
0.1%
0.1%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
5.7%
5.7%
1 Bedroom
29.8%
29.8%
2 Bedrooms
39.4%
39.4%
3 Bedrooms
20.9%
20.9%
4 Bedrooms
3.0%
3.0%
5 or more bedrooms
1.1%
1.1%
0.0% 100.0%
% OF HOMES