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 12,147 people, 4,246 houses or apartments, and a median cost of homes of $870,412, real estate costs in Martinsville 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.
Martinsville is a town of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Martinsville than is found in 98% of the communities in America.
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Martinsville. Owner-occupied housing accounts for 93.38% of Martinsville's homes, and 69.39% 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. Martinsville's housing was primarily built during this period, from the '40s through the '60s. A full 43.85% of the town's housing hails from this era. Other housing ages represented in Martinsville include homes built between 1970-1999 ( 41.43%) and housing constructed between 2000 and later ( 9.33%). There's also some housing in Martinsville built before 1939 ( 5.39%).
Martinsville's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Martinsville during the period has been just 4.71%, which is lower than 80% of US communities.
Appreciation rates are so strong in Martinsville that despite a nationwide downturn in the housing market, Martinsville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Martinsville appreciation rates continue to be some of the highest in America, at 11.69%, which is higher than appreciation rates in 92.95% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Martinsville. Martinsville 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 Martinsville's latest annual appreciation rate is higher than 60% of the other cities and towns in New Jersey.
$870,412
for New jersey
for nation
4,246
$4,942 / per month