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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 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (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 54,306, 18,663 total housing units (homes and apartments), and a median house value of $646,351, 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 67.13% of the township's housing units. Other types of housing that are prevalent in Wayne include large apartment complexes or high rise apartments ( 17.61%), row houses and other attached homes ( 9.18%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.07%).

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 74.70% of Wayne's homes, and 61.99% 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 53.01% of the township's housing hails from this era. Other housing ages represented in Wayne include homes built between 1970-1999 ( 34.04%) and housing constructed before 1939 ( 7.35%). There's also some housing in Wayne built between 2000 and later ( 5.60%).

Wayne Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Wayne, where house values have increased just 41.53%, which is annualized rate of 3.53%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Wayne appreciation rates have trailed the rest of the nation. In the last twelve months, Wayne's appreciation rate has been 10.57%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Wayne were at 3.84%, which equates to an annual appreciation rate of 16.28%.

Relative to New Jersey, our data show that Wayne's latest annual appreciation rate is higher 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:
$646,351

Wayne, NJ HOME PRICES

> $1,302,000
$977,001 - $1,302,000
$651,001 - $977,000
$521,001 - $651,000
$391,001 - $521,000
$260,001 - $391,000
$130,001 - $260,000
$65,001 - $130,000
$0 - $65,000
2.2%
2.2%
7.0%
7.0%
34.2%
34.2%
26.7%
26.7%
17.9%
17.9%
6.3%
6.3%
4.3%
4.3%
0.0%
0.0%
1.3%
1.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for NJ

Value Relative To Nation

Number Of Homes And Apartments:
18,663

Wayne Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2022 Q2 - 2022 Q3
Last 12 Months:
2021 Q3 - 2022 Q3
Last 2 Years:
2020 Q3 - 2022 Q3
Last 5 Years:
2017 Q3 - 2022 Q3
Last 10 Years:
2012 Q3 - 2022 Q3
Since 2000:
2000 Q1 - 2022 Q3
87.73% 2.81%
2
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$3,605 / per month

Homeownership Rate

Owners
Renters
Vacant
74.7%
74.7%
25.3%
25.3%
2.4%
2.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
5.6%
5.6%
34.0%
34.0%
53.0%
53.0%
7.4%
7.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
67.1%
67.1%
9.2%
9.2%
5.1%
5.1%
17.6%
17.6%
1.0%
1.0%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.9%
0.9%
11.7%
11.7%
16.4%
16.4%
31.9%
31.9%
30.1%
30.1%
9.0%
9.0%
0.0% 100.0%
% OF HOMES