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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Florham Park, NJ 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 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Florham Park, NJ Housing Market Trends

With 13,325 people, 4,530 houses or apartments, and a median cost of homes of $1,014,143, Florham Park house prices are not only among the most expensive in New Jersey, Florham Park real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Florham Park, accounting for 51.63% of the borough's housing units. Other types of housing that are prevalent in Florham Park include large apartment complexes or high rise apartments ( 31.48%), row houses and other attached homes ( 13.92%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.97%).

The most prevalent building size and type in Florham Park are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 60.14% owning and 39.86% renting.

There is a lot of housing in Florham Park built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Florham Park built between 1940-1969 ( 35.27%). A lesser amount of the housing stock also hails from between 2000 and later ( 23.90%). There's also some housing in Florham Park built before 1939 ( 4.37%).

Florham Park Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Florham Park, where house values have increased just 55.58%, which is annualized rate of 4.52%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Appreciation rates are so strong in Florham Park that despite a nationwide downturn in the housing market, Florham Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Florham Park appreciation rates continue to be some of the highest in America, at 9.62%, which is higher than appreciation rates in 85.16% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Florham Park. Florham Park 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 Florham Park's latest annual appreciation rate is lower than 60% of the other cities and towns in New Jersey.

Average Home Values

Median Home Value

$1,014,143

Florham Park, NJ Home Prices
> $1,342,000
$1,007,001 - $1,342,000
$671,001 - $1,007,000
$537,001 - $671,000
$402,001 - $537,000
$269,001 - $402,000
$134,001 - $269,000
$67,001 - $134,000
$0 - $67,000
21.5%
21.5%
24.4%
24.4%
29.3%
29.3%
9.0%
9.0%
11.8%
11.8%
1.6%
1.6%
1.7%
1.7%
0.0%
0.0%
0.7%
0.7%
0% 100.0%
% of Homes
Very High

for New jersey

Very High

for nation

Number of Homes And Apartments:

4,530

Florham Park Appreciation Rates

Rent & Ownership

Average Market Rent:

$6,073 / per month

Homeownership Rate

Owners
Renters
60.1%
60.1%
39.9%
39.9%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.2%
5.2%
94.8%
94.8%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
23.9%
23.9%
36.5%
36.5%
35.3%
35.3%
4.4%
4.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
51.6%
51.6%
13.9%
13.9%
3.0%
3.0%
31.5%
31.5%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.7%
2.7%
12.3%
12.3%
25.8%
25.8%
24.9%
24.9%
23.3%
23.3%
11.1%
11.1%
0% 100.0%
% of Homes