West Milford, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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West Milford, 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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

West Milford Housing Market Information

With a population of 17,498, 2,039 total housing units (homes and apartments), and a median house value of $349,880, real estate costs in West Milford 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 West Milford, accounting for 82.96% of the town's housing units. Other types of housing that are prevalent in West Milford include large apartment complexes or high rise apartments ( 11.75%), row houses and other attached homes ( 3.17%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.13%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in West Milford. Owner-occupied housing accounts for 87.76% of West Milford's homes, and 66.20% 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. West Milford's housing was primarily built during this period, from the '40s through the '60s. A full 43.27% of the town's housing hails from this era. Other housing ages represented in West Milford include homes built between 1970-1999 ( 36.62%) and housing constructed between 2000 and later ( 10.08%). There's also some housing in West Milford built before 1939 ( 10.04%).

West Milford Home Appreciation Rates

Homes have actually lost value in West Milford over the last then years, as home values have seen a decline of 24.62% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows West Milford home appreciation rates at 0.66%, which equates to an annual appreciation rate of 2.68%.

Over the last year, West Milford appreciation rates have trailed the rest of the nation. In the last twelve months, West Milford's appreciation rate has been 1.88%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in West Milford were at 0.66%, which equates to an annual appreciation rate of 2.68%.

Relative to New Jersey, our data show that West Milford's latest annual appreciation rate is lower than 60% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$349,880

West Milford, NJ HOME PRICES

Value Range
> $1,046,000 1.0
$784,001 - $1,046,000 1.5
$523,001 - $784,000 8.1
$418,001 - $523,000 11.5
$314,001 - $418,000 29.6
$209,001 - $314,000 32.5
$105,001 - $209,000 11.8
$52,001 - $105,000 2.6
$0 - $52,000 1.4

Average for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
12.2114145083792 51.4227642276423

Number Of Homes And Apartments:
2,039

West Milford Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
31.79% 1.61% 2 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,744 / per month

Homeownership Rate

Homeownership
Owners 87.76
Renters 12.24
Vacant 9.10

Housing Market Details

 

Age of Homes

AGE OF West Milford HOMES
2000 or Newer 10.1
1970 - 1999 36.6
1940 - 1969 43.3
1939 or Older 10.0

Types of Homes

TYPE OF West Milford HOMES
Single-Family 83.0
Townhomes 3.2
Small Apt. Buildings 2.1
Apt. Complexes 11.7
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF West Milford HOMES
No Bedroom 0.18
1 Bedroom 6.24
2 Bedrooms 22.99
3 Bedrooms 40.97
4 Bedrooms 25.23
5 or more bedrooms 4.39

Popular Neighborhoods in West Milford

Zip Codes in West Milford, NJ