Union, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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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 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Union Housing Market Information

With 53,954 people, 1,986 houses or apartments, and a median cost of homes of $371,201, 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.

Mobile homes or trailers are the single most common housing type in Union, accounting for 0.00% of the town's housing units.

Owner-occupied, three and four bedroom dwellings, primarily in mobile homes or trailers are the most prevalent type of housing you will see in Union. Owner-occupied housing accounts for 72.68% of Union's homes, and 63.48% 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 61.81% of the town's housing hails from this era. Other housing ages represented in Union include homes built before 1939 ( 19.99%) and housing constructed between 1970-1999 ( 13.97%). There's also some housing in Union built between 2000 and later ( 4.23%).

Union Home Appreciation Rates

Union's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Union during the period has been just 0.08%, which is lower than 70% of US communities.

Over the last year, Union appreciation rates have trailed the rest of the nation. In the last twelve months, Union's appreciation rate has been 2.05%, 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 were at 0.62%, which equates to an annual appreciation rate of 2.49%.

Relative to New Jersey, our data show that Union's latest annual appreciation rate is lower than 50% 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:
$371,201

Union, NJ HOME PRICES

Value Range
> $1,170,000 0.1
$877,001 - $1,170,000 0.3
$585,001 - $877,000 2.2
$468,001 - $585,000 9.3
$351,001 - $468,000 47.5
$234,001 - $351,000 29.8
$117,001 - $234,000 8.0
$58,001 - $117,000 0.6
$0 - $58,000 2.1

Average for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
12.8642335766423 50.9090909090909

Number Of Homes And Apartments:
1,986

Union Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2018 Q4 - 2019 Q1
Last 12 Months:
2018 Q1 - 2019 Q1
Last 2 Years:
2017 Q1 - 2019 Q1
Last 5 Years:
2014 Q1 - 2019 Q1
Last 10 Years:
2009 Q1 - 2019 Q1
Since 2000:
2000 Q1 - 2019 Q1
64.39% 2.62%
5
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,416 / per month

Homeownership Rate

Homeownership
Owners 72.68
Renters 27.32
Vacant 4.46

Housing Market Details

 

Age of Homes

AGE OF Union HOMES
2000 or Newer 4.2
1970 - 1999 14.0
1940 - 1969 61.8
1939 or Older 20.0

Types of Homes

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

Home Size

SIZE OF Union HOMES
No Bedroom 1.41
1 Bedroom 10.14
2 Bedrooms 22.09
3 Bedrooms 47.04
4 Bedrooms 16.44
5 or more bedrooms 2.88