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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Wayne, 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 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

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

Wayne, NJ Housing Market Trends

With a population of 52,960, 19,147 total housing units (homes and apartments), and a median house value of $706,462, real estate costs in Wayne 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 Wayne, accounting for 67.96% of the township's housing units. Other types of housing that are prevalent in Wayne include large apartment complexes or high rise apartments ( 17.42%), row houses and other attached homes ( 9.22%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.58%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Wayne. Owner-occupied housing accounts for 75.24% of Wayne's homes, and 63.30% 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. Wayne's housing was primarily built during this period, from the '40s through the '60s. A full 53.66% of the township's housing hails from this era. Other housing ages represented in Wayne include homes built between 1970-1999 ( 33.86%) and housing constructed before 1939 ( 6.35%). There's also some housing in Wayne built between 2000 and later ( 6.13%).

Wayne Home Appreciation Rates

Wayne's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Wayne during the period has been just 4.13%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Wayne's appreciation rate, at 4.48%, has been at or slightly above the national average. In the latest quarter, Wayne's appreciation rate has been 3.21%, which annualizes to a rate of 13.46%.

Relative to New Jersey, our data show that Wayne'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 township. Individual neighborhoods within Wayne differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Wayne - 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 Wayne real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$706,462

Wayne, NJ Home Prices
> $1,334,000
$1,000,001 - $1,334,000
$667,001 - $1,000,000
$534,001 - $667,000
$400,001 - $534,000
$267,001 - $400,000
$133,001 - $267,000
$67,001 - $133,000
$0 - $67,000
1.6%
1.6%
7.8%
7.8%
37.8%
37.8%
26.3%
26.3%
15.7%
15.7%
5.8%
5.8%
3.9%
3.9%
0.0%
0.0%
1.0%
1.0%
0% 100.0%
% of Homes
High

for New jersey

Very High

for nation

Number of Homes And Apartments:

19,147

Wayne Appreciation Rates

Rent & Ownership

Average Market Rent:

$4,290 / per month

Homeownership Rate

Owners
Renters
Vacant
75.2%
75.2%
24.8%
24.8%
3.0%
3.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
6.1%
6.1%
33.9%
33.9%
53.7%
53.7%
6.3%
6.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
68.0%
68.0%
9.2%
9.2%
4.6%
4.6%
17.4%
17.4%
0.8%
0.8%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.1%
1.1%
11.8%
11.8%
15.1%
15.1%
31.8%
31.8%
31.5%
31.5%
8.8%
8.8%
0% 100.0%
% of Homes