Housing Market Information
With a population of 24,439, 1,734 total housing units (homes and apartments), and a median house value of $511,612, real estate costs in Cranford 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 Jersey communities. Single-family detached homes are the single most common housing type in Cranford, accounting for 74.99% of the town's housing units. Other types of housing that are prevalent in Cranford include duplexes, homes converted to apartments or other small apartment buildings ( 10.97%), large apartment complexes or high rise apartments ( 9.98%), and a few row houses and other attached homes (3.60%). Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Cranford. Owner-occupied housing accounts for 78.48% of Cranford's homes, and 69.28% have either three or four bedrooms, which is average sized relative to America.
Home Appreciation Rates
Appreciation rates for homes in Cranford have been tracking above average for the last ten years. The cumulative appreciation rate over the ten years has been 15.50%, which ranks in the top 50% nationwide. This equates to an annual average Cranford house appreciation rate of 1.45%. Cranford's appreciation rate of 5.86% has been at or slightly above the national average. In the latest quarter, Cranford's appreciation rate has been 1.23%, which annualizes to a rate of 5.02%. Relative to New Jersey, our data show that Cranford's latest annual appreciation rate is higher 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 Cranford differ in their investment potential.
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