Montclair, 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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Montclair, NJ Housing Market Trends

With 38,626 people, 1,232 houses or apartments, and a median cost of homes of $819,144, Montclair house prices are not only among the most expensive in New Jersey, Montclair real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Montclair, accounting for 51.16% of the town's housing units. Other types of housing that are prevalent in Montclair include large apartment complexes or high rise apartments ( 23.77%), duplexes, homes converted to apartments or other small apartment buildings ( 22.16%), and a few row houses and other attached homes ( 2.91%).

People in Montclair primarily live in small (one, two or no bedroom) single-family detached homes. Montclair has a mixture of owner-occupied and renter-occupied housing.

The housing in Montclair was primarily built before 1939 ( 60.16%), making the housing stock in Montclair some of the oldest overall in America, although there is a range of ages of homes in Montclair. The next most important housing age is between 1940-1969 ( 23.26%), followed by between 1970-1999 ( 11.61%). There's also some housing in Montclair built between 2000 and later ( 4.97%).

Montclair Home Appreciation Rates

Appreciation rates for homes in Montclair have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 45.76%, which ranks in the top 50% nationwide. This equates to an annual average Montclair house appreciation rate of 3.84%.

NeighborhoodScout's data show that during the latest twelve months, Montclair's appreciation rate, at 9.16%, has been at or slightly above the national average. In the latest quarter, Montclair's appreciation rate has been 3.18%, which annualizes to a rate of 13.32%.

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

Average Home Values

 

Median Home Value:
$819,144

Montclair, NJ HOME PRICES

> $1,198,000
11.4%
11.4%
$898,001 - $1,198,000
20.9%
20.9%
$599,001 - $898,000
25.2%
25.2%
$479,001 - $599,000
15.6%
15.6%
$359,001 - $479,000
13.2%
13.2%
$239,001 - $359,000
8.4%
8.4%
$120,001 - $239,000
2.8%
2.8%
$60,001 - $120,000
0.4%
0.4%
$0 - $60,000
2.2%
2.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for NJ

Value Relative To Nation

Number Of Homes And Apartments:
1,232

Montclair Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
130.03% 3.95%
9
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$3,084 / per month

Homeownership Rate

Owners
61.6%
61.6%
Renters
38.4%
38.4%
Vacant
5.7%
5.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
5.0%
5.0%
1970 - 1999
11.6%
11.6%
1940 - 1969
23.3%
23.3%
1939 or Older
60.2%
60.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
51.2%
51.2%
Townhomes
2.9%
2.9%
Small Apt. Buildings
22.2%
22.2%
Apt. Complexes
23.8%
23.8%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.4%
2.4%
1 Bedroom
16.7%
16.7%
2 Bedrooms
23.2%
23.2%
3 Bedrooms
21.9%
21.9%
4 Bedrooms
16.3%
16.3%
5 or more bedrooms
19.5%
19.5%
0.0% 100.0%
% OF HOMES