Union, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Union Neighborhoods Since 2000




Union, 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

Union Housing Market Information

With a population of 52,859, 2,006 total housing units (homes and apartments), and a median house value of $330,142, real estate costs in Union 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 Union, accounting for 69.13% of the town's housing units. Other types of housing that are prevalent in Union include duplexes, homes converted to apartments or other small apartment buildings ( 15.59%), large apartment complexes or high rise apartments ( 11.97%), and a few row houses and other attached homes ( 3.32%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Union. Owner-occupied housing accounts for 73.65% of Union's homes, and 61.87% 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. Union's housing was primarily built during this period, from the '40s through the '60s. A full 62.89% of the town's housing hails from this era. Other housing ages represented in Union include homes built before 1939 ( 16.42%) and housing constructed between 1970-1999 ( 15.40%). There's also some housing in Union built between 2000 and later ( 5.29%).

Union Home Appreciation Rates

Homes have actually lost value in Union over the last then years, as home values have seen a decline of 20.07% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Union home appreciation rates at 0.66%, which equates to an annual appreciation rate of 2.68%.

NeighborhoodScout's data show that during the latest twelve months, Union's appreciation rate, at 4.81%, has been at or slightly above the national average. In the latest quarter, Union's appreciation rate has been 0.66%, which annualizes to a rate of 2.68%.

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

Average Home Values

 

Median Home Value:
$330,142

Union, NJ HOME PRICES

Value Range
> $1,090,000 0.1
$818,001 - $1,090,000 0.1
$545,001 - $818,000 3.1
$436,001 - $545,000 7.9
$327,001 - $436,000 43.1
$218,001 - $327,000 35.4
$109,001 - $218,000 7.2
$54,001 - $109,000 0.7
$0 - $54,000 2.4

Average for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
13.7056135005274 55.0813008130081

Number Of Homes And Apartments:
2,006

Union 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
47.33% 2.27% 4 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,914 / per month

Homeownership Rate

Homeownership
Owners 73.65
Renters 26.35
Vacant 4.06

Housing Market Details

 

Age of Homes

AGE OF Union HOMES
2000 or Newer 5.3
1970 - 1999 15.4
1940 - 1969 62.9
1939 or Older 16.4

Types of Homes

TYPE OF Union HOMES
Single-Family 69.1
Townhomes 3.3
Small Apt. Buildings 15.6
Apt. Complexes 12.0
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Union HOMES
No Bedroom 1.23
1 Bedroom 10.40
2 Bedrooms 23.73
3 Bedrooms 46.96
4 Bedrooms 14.92
5 or more bedrooms 2.76