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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.



Highland Park, 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 Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Highland Park, NJ Housing Market Trends

With a population of 14,988, 6,547 total housing units (homes and apartments), and a median house value of $552,518, real estate costs in Highland Park 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.

Large apartment complexes or high rise apartments are the single most common housing type in Highland Park, accounting for 33.00% of the borough's housing units. Other types of housing that are prevalent in Highland Park include single-family detached homes ( 31.65%), duplexes, homes converted to apartments or other small apartment buildings ( 27.77%), and a few row houses and other attached homes ( 7.58%). Boroughs that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of boroughs are often walkable and compact, and often have a lively downtown.

People in Highland Park primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Highland Park has a mixture of owner-occupied and renter-occupied housing.

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. Highland Park's housing was primarily built during this period, from the '40s through the '60s. A full 30.97% of the borough's housing hails from this era. Other housing ages represented in Highland Park include homes built between 1970-1999 ( 29.70%) and housing constructed before 1939 ( 28.49%). There's also some housing in Highland Park built between 2000 and later ( 10.83%).

Highland Park Home Appreciation Rates

Highland Park's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Highland Park during the period has been just 4.94%, which is lower than 80% of US communities.

Appreciation rates are so strong in Highland Park that despite a nationwide downturn in the housing market, Highland Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Highland Park appreciation rates continue to be some of the highest in America, at 11.86%, which is higher than appreciation rates in 93.34% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Highland Park. Highland Park appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.

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

Average Home Values

Median Home Value

$552,518

Highland Park, NJ Home Prices
> $1,364,000
$1,023,001 - $1,364,000
$682,001 - $1,023,000
$546,001 - $682,000
$409,001 - $546,000
$273,001 - $409,000
$137,001 - $273,000
$68,001 - $137,000
$0 - $68,000
0.5%
0.5%
1.8%
1.8%
29.1%
29.1%
21.7%
21.7%
27.9%
27.9%
13.8%
13.8%
4.9%
4.9%
0.0%
0.0%
0.3%
0.3%
0% 100.0%
% of Homes
Average

for New jersey

Very High

for nation

Number of Homes And Apartments:

6,547

Highland Park Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,413 / per month

Homeownership Rate

Owners
Renters
38.3%
38.3%
61.7%
61.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.7%
5.7%
94.3%
94.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
10.8%
10.8%
29.7%
29.7%
31.0%
31.0%
28.5%
28.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
31.6%
31.6%
7.6%
7.6%
27.8%
27.8%
33.0%
33.0%
0.0%
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
5.7%
5.7%
29.9%
29.9%
26.6%
26.6%
23.1%
23.1%
12.6%
12.6%
2.1%
2.1%
0% 100.0%
% of Homes