Rahway, 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 Q1 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

Rahway, NJ Housing Market Trends

With a population of 29,895, 11,304 total housing units (homes and apartments), and a median house value of $308,267, Rahway real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Rahway, accounting for 53.13% of the city's housing units. Other types of housing that are prevalent in Rahway include large apartment complexes or high rise apartments ( 27.11%), duplexes, homes converted to apartments or other small apartment buildings ( 13.03%), and a few row houses and other attached homes ( 6.21%).

People in Rahway primarily live in small (one, two or no bedroom) single-family detached homes. Rahway 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. Rahway's housing was primarily built during this period, from the '40s through the '60s. A full 42.12% of the city's housing hails from this era. Other housing ages represented in Rahway include homes built before 1939 ( 21.13%) and housing constructed between 1970-1999 ( 18.45%). There's also some housing in Rahway built between 2000 and later ( 18.30%).

Rahway Home Appreciation Rates

Real estate appreciation rates in Rahway's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.55% during the period.

Appreciation rates are so strong in Rahway that despite a nationwide downturn in the housing market, Rahway real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Rahway appreciation rates continue to be some of the highest in America, at 8.00%, which is higher than appreciation rates in 73.75% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Rahway. Rahway appreciation rates in the latest quarter were at 1.78%, which equates to an annual appreciation rate of 7.30%.

Relative to New Jersey, our data show that Rahway's latest annual appreciation rate is higher than 70% 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 city. Individual neighborhoods within Rahway differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Rahway - 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 Rahway real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$308,267

Rahway, NJ HOME PRICES

> $1,242,000
0.5%
0.5%
$932,001 - $1,242,000
0.4%
0.4%
$621,001 - $932,000
2.3%
2.3%
$497,001 - $621,000
5.1%
5.1%
$372,001 - $497,000
28.1%
28.1%
$248,001 - $372,000
42.2%
42.2%
$124,001 - $248,000
16.4%
16.4%
$62,001 - $124,000
2.6%
2.6%
$0 - $62,000
2.4%
2.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Low for NJ

Value Relative To Nation

Number Of Homes And Apartments:
11,304

Rahway Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
97.45% 3.25%
8
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,351 / per month

Homeownership Rate

Owners
59.4%
59.4%
Renters
40.6%
40.6%
Vacant
7.2%
7.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
18.3%
18.3%
1970 - 1999
18.4%
18.4%
1940 - 1969
42.1%
42.1%
1939 or Older
21.1%
21.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
53.1%
53.1%
Townhomes
6.2%
6.2%
Small Apt. Buildings
13.0%
13.0%
Apt. Complexes
27.1%
27.1%
Mobile Homes
0.0%
0.0%
Other
0.5%
0.5%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.1%
4.1%
1 Bedroom
19.4%
19.4%
2 Bedrooms
25.6%
25.6%
3 Bedrooms
34.6%
34.6%
4 Bedrooms
13.0%
13.0%
5 or more bedrooms
3.3%
3.3%
0.0% 100.0%
% OF HOMES