Housing Market Information
With a population of 24,575, 2,256 total housing units (homes and apartments), and a median house value of $615,268, Scotch Plains house prices rank among the most expensive in New Jersey and the real estate also is some of the most expensive nationwide. Single-family detached homes are the single most common housing type in Scotch Plains, accounting for 77.67% of the town's housing units. Other types of housing that are prevalent in Scotch Plains include duplexes, homes converted to apartments or other small apartment buildings (8.42%), large apartment complexes or high rise apartments (7.28%), and a few row houses and other attached homes (6.39%). Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Scotch Plains. Owner-occupied housing accounts for 80.20% of Scotch Plains's homes, and 65.43% have either three or four bedrooms, which is average sized relative to America.
The homes are predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Scotch Plains's housing was primarily built during this period, from the '40s through the '60s. A full 53.18% of the town's housing hails from this era. Other housing ages represented in Scotch Plains include homes built between 1970-1999 ( 29.45%) and housing constructed before 1939 ( 10.29%). There's also some housing in Scotch Plains built between 2000 and later (7.08%).
Home Appreciation Rates
Real estate appreciation rates in Scotch Plains's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 1.21% during the period. Scotch Plains's appreciation rate, at 5.48%, has been at or slightly above the national average. In the latest quarter, Scotch Plains's appreciation rate has been 1.23%, which annualized to a rate of 5.01%. Relative to New Jersey, Scotch Plains's latest annual appreciation rate is lower than 50% of the other cities and towns in New Jersey.
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