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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 52,948, 20,590 total housing units (homes and apartments), and a median house value of $584,390, real estate costs in Bloomfield 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 Bloomfield, accounting for 40.62% of the township's housing units. Other types of housing that are prevalent in Bloomfield include duplexes, homes converted to apartments or other small apartment buildings ( 27.80%), large apartment complexes or high rise apartments ( 27.62%), and a few row houses and other attached homes ( 3.91%).
People in Bloomfield primarily live in small (one, two or no bedroom) single-family detached homes. Bloomfield has a mixture of owner-occupied and renter-occupied housing.
The housing in Bloomfield was primarily built before 1939 ( 38.74%), making the housing stock in Bloomfield some of the oldest overall in America, although there is a range of ages of homes in Bloomfield. The next most important housing age is between 1940-1969 ( 36.95%), followed by between 1970-1999 ( 13.72%). There's also some housing in Bloomfield built between 2000 and later ( 10.59%).
Appreciation rates for homes in Bloomfield have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 97.24%, which ranks in the top 40% nationwide. This equates to an annual average Bloomfield house appreciation rate of 7.03%.
Appreciation rates are so strong in Bloomfield that despite a nationwide downturn in the housing market, Bloomfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Bloomfield appreciation rates continue to be some of the highest in America, at 9.83%, which is higher than appreciation rates in 86.55% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Bloomfield. Bloomfield appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.
Relative to New Jersey, our data show that Bloomfield's latest annual appreciation rate is lower than 60% 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 township. Individual neighborhoods within Bloomfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Bloomfield - 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 Bloomfield real estate investment or home purchase decisions.
$584,390
for New jersey
for nation
20,590
$3,352 / per month