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 13,314, 4,865 total housing units (homes and apartments), and a median house value of $768,694, real estate costs in Cedar Grove 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 Cedar Grove, accounting for 71.93% of the township's housing units. Other types of housing that are prevalent in Cedar Grove include large apartment complexes or high rise apartments ( 14.28%), row houses and other attached homes ( 6.70%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.92%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Cedar Grove. Owner-occupied housing accounts for 79.10% of Cedar Grove's homes, and 69.60% 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. Cedar Grove's housing was primarily built during this period, from the '40s through the '60s. A full 57.13% of the township's housing hails from this era. Other housing ages represented in Cedar Grove include homes built between 1970-1999 ( 20.61%) and housing constructed before 1939 ( 12.11%). There's also some housing in Cedar Grove built between 2000 and later ( 10.15%).
Some of the lowest real estate appreciation rates in America over the last ten years have been in Cedar Grove, where house values have increased just 53.28%, which is annualized rate of 4.36%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Appreciation rates are so strong in Cedar Grove that despite a nationwide downturn in the housing market, Cedar Grove real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Cedar Grove appreciation rates continue to be some of the highest in America, at 8.12%, which is higher than appreciation rates in 71.46% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Cedar Grove. Cedar Grove 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 Cedar Grove's latest annual appreciation rate is lower than 80% of the other cities and towns in New Jersey.
$768,694
for New jersey
for nation
4,865
$2,963 / per month