Verona, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Verona, NJ Real Estate Data


Verona Housing Market Information

With a population of 13,569, 1,760 total housing units (homes and apartments), and a median house value of $500,283, real estate costs in Verona 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 Verona, accounting for 60.51% of the town's housing units. Other types of housing that are prevalent in Verona include large apartment complexes or high rise apartments ( 26.79%), duplexes, homes converted to apartments or other small apartment buildings ( 10.61%), and a few row houses and other attached homes ( 1.61%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Verona. Owner-occupied housing accounts for 76.84% of Verona's homes, and 52.55% 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. Verona's housing was primarily built during this period, from the '40s through the '60s. A full 46.82% of the town's housing hails from this era. Other housing ages represented in Verona include homes built before 1939 ( 27.96%) and housing constructed between 1970-1999 ( 20.17%). There's also some housing in Verona built between 2000 and later ( 5.04%).

Verona Home Appreciation Rates

Real estate appreciation rates in Verona's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.03% during the period.

NeighborhoodScout's data show that during the latest twelve months, Verona's appreciation rate, at 4.62%, has been at or slightly above the national average. In the latest quarter, Verona's appreciation rate has been 1.43%, which annualizes to a rate of 5.85%.

Relative to New Jersey, our data show that Verona's latest annual appreciation rate is higher than 70% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$500,283

Verona, NJ HOME PRICES

Value Range
> $1,139,000 1.2
$854,001 - $1,139,000 6.1
$570,001 - $854,000 24.9
$455,001 - $570,000 24.3
$342,001 - $455,000 27.8
$228,001 - $342,000 9.8
$114,001 - $228,000 4.4
$57,001 - $114,000 0.2
$0 - $57,000 1.2

High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
6.16618844059261 26.8292682926829

Number Of Homes And Apartments:
1,760

Rent & Ownership

 

Average Market Rent:
$1,756 / per month

Homeownership Rate

Homeownership
Owners 76.84
Renters 23.16
Vacant 5.94

Housing Market Details

 

Age of Homes

AGE OF Verona HOMES
2000 or Newer 5.0
1970 - 1999 20.2
1940 - 1969 46.8
1939 or Older 28.0

Types of Homes

TYPE OF Verona HOMES
Single-Family 60.5
Townhomes 1.6
Small Apt. Buildings 10.6
Apt. Complexes 26.8
Mobile Homes 0.5
Other 0.0

Home Size

SIZE OF Verona HOMES
No Bedroom 2.49
1 Bedroom 23.98
2 Bedrooms 15.81
3 Bedrooms 36.38
4 Bedrooms 16.18
5 or more bedrooms 5.16

Verona Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
73.02% 3.28% 8 9
* 10 is highest