Vernon, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Vernon, NJ Real Estate Data


Vernon Housing Market Information

With 7,864 people, 1,608 houses or apartments, and a median cost of homes of $287,946, Vernon real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Vernon, accounting for 69.31% of the town's housing units. Other types of housing that are prevalent in Vernon include large apartment complexes or high rise apartments ( 24.85%), row houses and other attached homes ( 2.41%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.16%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Vernon. Owner-occupied housing accounts for 80.06% of Vernon's homes, and 65.11% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Vernon built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Vernon built between 1940-1969 ( 17.68%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.08%). There's also some housing in Vernon built before 1939 ( 1.35%).

Vacant housing appears to be an issue in Vernon. Fully 13.04% of the housing stock is classified as vacant. Left unchecked, vacant Vernon homes and apartments can be a drag on the real estate market, holding Vernon real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Vernon Home Appreciation Rates

Homes have actually lost value in Vernon over the last then years, as home values have seen a decline of 28.56% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Vernon home appreciation rates at -0.93%, which equates to an annual appreciation rate of -3.66%.

Over the last year, Vernon appreciation rates have trailed the rest of the nation. In the last twelve months, Vernon's appreciation rate has been -2.19%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Vernon were at -0.93%, which equates to an annual appreciation rate of -3.66%.

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

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

Average Home Values

 

Median Home Value:
$287,946

Vernon, NJ HOME PRICES

Value Range
> $1,015,000 0.7
$761,001 - $1,015,000 0.3
$507,001 - $761,000 4.1
$406,001 - $507,000 7.2
$304,001 - $406,000 13.2
$203,001 - $304,000 40.1
$101,001 - $203,000 26.2
$51,001 - $101,000 7.1
$0 - $51,000 1.1

Low for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
17.209656627212 67.6829268292683

Number Of Homes And Apartments:
1,608

Rent & Ownership

 

Average Market Rent:
$1,201 / per month

Homeownership Rate

Homeownership
Owners 80.06
Renters 19.94
Vacant 13.04

Housing Market Details

 

Age of Homes

AGE OF Vernon HOMES
2000 or Newer 10.1
1970 - 1999 70.9
1940 - 1969 17.7
1939 or Older 1.4

Types of Homes

TYPE OF Vernon HOMES
Single-Family 69.3
Townhomes 2.4
Small Apt. Buildings 2.2
Apt. Complexes 24.9
Mobile Homes 1.3
Other 0.0

Home Size

SIZE OF Vernon HOMES
No Bedroom 0.76
1 Bedroom 10.73
2 Bedrooms 18.76
3 Bedrooms 43.18
4 Bedrooms 21.93
5 or more bedrooms 4.64

Vernon Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
25.27% 1.31% 1 3
* 10 is highest

Popular Neighborhoods in Vernon

Zip Codes in Vernon, NJ