South Orange, 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

South Orange, NJ Housing Market Trends

With 16,713 people, 1,269 houses or apartments, and a median cost of homes of $719,161, South Orange house prices are not only among the most expensive in New Jersey, South Orange 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 South Orange, accounting for 63.30% of the town's housing units. Other types of housing that are prevalent in South Orange include large apartment complexes or high rise apartments ( 25.41%), duplexes, homes converted to apartments or other small apartment buildings ( 8.38%), and a few row houses and other attached homes ( 2.91%).

The most prevalent building size and type in South Orange are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 63.17% owning and 36.83% renting.

The housing in South Orange was primarily built before 1939 ( 49.20%), making the housing stock in South Orange some of the oldest overall in America, although there is a range of ages of homes in South Orange. The next most important housing age is between 1940-1969 ( 29.15%), followed by between 1970-1999 ( 13.18%). There's also some housing in South Orange built between 2000 and later ( 8.48%).

South Orange Home Appreciation Rates

Appreciation rates for homes in South Orange have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 47.31%, which ranks in the top 50% nationwide. This equates to an annual average South Orange house appreciation rate of 3.95%.

NeighborhoodScout's data show that during the latest twelve months, South Orange's appreciation rate, at 8.40%, has been at or slightly above the national average. In the latest quarter, South Orange's appreciation rate has been 3.15%, which annualizes to a rate of 13.22%.

Relative to New Jersey, our data show that South Orange's latest annual appreciation rate is lower than 70% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$719,161

South Orange, NJ HOME PRICES

> $1,183,000
4.1%
4.1%
$887,001 - $1,183,000
21.0%
21.0%
$592,001 - $887,000
33.9%
33.9%
$473,001 - $592,000
17.0%
17.0%
$355,001 - $473,000
14.6%
14.6%
$237,001 - $355,000
7.1%
7.1%
$119,001 - $237,000
1.7%
1.7%
$59,001 - $119,000
0.2%
0.2%
$0 - $59,000
0.4%
0.4%
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:
1,269

South Orange 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
139.72% 4.15%
9
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,413 / per month

Homeownership Rate

Owners
63.2%
63.2%
Renters
36.8%
36.8%
Vacant
8.1%
8.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
8.5%
8.5%
1970 - 1999
13.2%
13.2%
1940 - 1969
29.2%
29.2%
1939 or Older
49.2%
49.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
63.3%
63.3%
Townhomes
2.9%
2.9%
Small Apt. Buildings
8.4%
8.4%
Apt. Complexes
25.4%
25.4%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.7%
3.7%
1 Bedroom
12.4%
12.4%
2 Bedrooms
15.8%
15.8%
3 Bedrooms
24.4%
24.4%
4 Bedrooms
24.6%
24.6%
5 or more bedrooms
19.1%
19.1%
0.0% 100.0%
% OF HOMES