West Orange, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating West Orange Neighborhoods Since 2000




West Orange, 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 Orange Housing Market Information

With a population of 47,390, 1,931 total housing units (homes and apartments), and a median house value of $378,350, real estate costs in West Orange 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 Orange, accounting for 54.98% of the town's housing units. Other types of housing that are prevalent in West Orange include duplexes, homes converted to apartments or other small apartment buildings ( 21.23%), large apartment complexes or high rise apartments ( 13.10%), and a few row houses and other attached homes ( 10.53%).

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 Orange. Owner-occupied housing accounts for 66.32% of West Orange's homes, and 55.43% 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 Orange's housing was primarily built during this period, from the '40s through the '60s. A full 46.97% of the town's housing hails from this era. Other housing ages represented in West Orange include homes built between 1970-1999 ( 24.36%) and housing constructed before 1939 ( 23.75%). There's also some housing in West Orange built between 2000 and later ( 4.92%).

West Orange Home Appreciation Rates

West Orange's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in West Orange during the period has been just -1.47%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, West Orange's appreciation rate, at 3.58%, has been at or slightly above the national average. In the latest quarter, West Orange's appreciation rate has been 0.66%, which annualizes to a rate of 2.68%.

Relative to New Jersey, our data show that West Orange's latest annual appreciation rate is higher than 60% 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 town. Individual neighborhoods within West Orange differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in West Orange - 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 West Orange real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$378,350

West Orange, NJ HOME PRICES

Value Range
> $1,119,000 1.2
$839,001 - $1,119,000 2.6
$559,001 - $839,000 9.7
$447,001 - $559,000 16.1
$335,001 - $447,000 34.2
$224,001 - $335,000 27.5
$112,001 - $224,000 6.2
$56,001 - $112,000 0.4
$0 - $56,000 2.3

Average for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
10.4535333411461 45.3252032520325

Number Of Homes And Apartments:
1,931

West Orange 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
55.17% 2.58% 6 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,998 / per month

Homeownership Rate

Homeownership
Owners 66.32
Renters 33.68
Vacant 5.40

Housing Market Details

 

Age of Homes

AGE OF West Orange HOMES
2000 or Newer 4.9
1970 - 1999 24.4
1940 - 1969 47.0
1939 or Older 23.7

Types of Homes

TYPE OF West Orange HOMES
Single-Family 55.0
Townhomes 10.5
Small Apt. Buildings 21.2
Apt. Complexes 13.1
Mobile Homes 0.0
Other 0.2

Home Size

SIZE OF West Orange HOMES
No Bedroom 3.38
1 Bedroom 12.94
2 Bedrooms 20.84
3 Bedrooms 35.40
4 Bedrooms 20.04
5 or more bedrooms 7.41