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 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%).
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.
$1,014,143
for New jersey
for nation
4,530
$6,073 / per month