Hopewell Junction, NY 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

Hopewell Junction, NY Housing Market Trends

With 380 people, 148 houses or apartments, and a median cost of homes of $449,316, real estate costs in Hopewell Junction 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 York communities.

Single-family detached homes are the single most common housing type in Hopewell Junction, accounting for 74.87% of the town's housing units. Other types of housing that are prevalent in Hopewell Junction include row houses and other attached homes ( 14.66%), large apartment complexes or high rise apartments ( 10.47%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Hopewell Junction. Owner-occupied housing accounts for 73.65% of Hopewell Junction's homes, and 58.64% 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. Hopewell Junction's housing was primarily built during this period, from the '40s through the '60s. A full 49.74% of the town's housing hails from this era. Other housing ages represented in Hopewell Junction include homes built before 1939 ( 32.46%) and housing constructed between 2000 and later ( 13.61%). There's also some housing in Hopewell Junction built between 1970-1999 ( 4.19%).

Vacant housing appears to be an issue in Hopewell Junction. Fully 22.51% of the housing stock is classified as vacant. Left unchecked, vacant Hopewell Junction homes and apartments can be a drag on the real estate market, holding Hopewell Junction real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Hopewell Junction Home Appreciation Rates

Hopewell Junction's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Hopewell Junction during the period has been just 2.37%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Hopewell Junction's appreciation rate, at 9.71%, has been at or slightly above the national average. In the latest quarter, Hopewell Junction's appreciation rate has been 3.18%, which annualizes to a rate of 13.35%.

Relative to New York, our data show that Hopewell Junction's latest annual appreciation rate is lower than 60% of the other cities and towns in New York.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Hopewell Junction differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hopewell Junction - 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 Hopewell Junction real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$449,316

Hopewell Junction, NY HOME PRICES

> $1,216,000
1.0%
1.0%
$912,001 - $1,216,000
2.9%
2.9%
$608,001 - $912,000
9.7%
9.7%
$487,001 - $608,000
21.2%
21.2%
$365,001 - $487,000
31.1%
31.1%
$243,001 - $365,000
24.8%
24.8%
$122,001 - $243,000
4.8%
4.8%
$61,001 - $122,000
0.8%
0.8%
$0 - $61,000
3.8%
3.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for NY

Value Relative To Nation

Number Of Homes And Apartments:
148

Hopewell Junction Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
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
63.35% 2.31%
1
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,981 / per month

Homeownership Rate

Owners
73.6%
73.6%
Renters
26.4%
26.4%
Vacant
22.5%
22.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
13.6%
13.6%
1970 - 1999
4.2%
4.2%
1940 - 1969
49.7%
49.7%
1939 or Older
32.5%
32.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
74.9%
74.9%
Townhomes
14.7%
14.7%
Small Apt. Buildings
0.0%
0.0%
Apt. Complexes
10.5%
10.5%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
2.6%
2.6%
2 Bedrooms
38.7%
38.7%
3 Bedrooms
21.5%
21.5%
4 Bedrooms
37.2%
37.2%
5 or more bedrooms
0.0%
0.0%
0.0% 100.0%
% OF HOMES