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 3,057, 1,838 total housing units (homes and apartments), and a median house value of $933,529, Ocean Grove house prices are not only among the most expensive in New Jersey, Ocean Grove 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 Ocean Grove, accounting for 51.17% of the town's housing units. Other types of housing that are prevalent in Ocean Grove include duplexes, homes converted to apartments or other small apartment buildings ( 26.46%), large apartment complexes or high rise apartments ( 14.55%), and a few row houses and other attached homes ( 7.82%).
People in Ocean Grove primarily live in small (one, two or no bedroom) single-family detached homes. Ocean Grove has a mixture of owner-occupied and renter-occupied housing.
The housing in Ocean Grove was primarily built before 1939 ( 62.15%), making the housing stock in Ocean Grove some of the oldest overall in America, although there is a range of ages of homes in Ocean Grove. The next most important housing age is between 1940-1969 ( 16.37%), followed by between 1970-1999 ( 15.56%). There's also some housing in Ocean Grove built between 2000 and later ( 5.92%).
Vacant housing appears to be an issue in Ocean Grove. Fully 35.58% of the housing stock is classified as vacant. Left unchecked, vacant Ocean Grove homes and apartments can be a drag on the real estate market, holding Ocean Grove real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Appreciation rates for homes in Ocean Grove have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 102.86%, which ranks in the top 40% nationwide. This equates to an annual average Ocean Grove house appreciation rate of 7.33%.
Appreciation rates are so strong in Ocean Grove that despite a nationwide downturn in the housing market, Ocean Grove real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Ocean Grove appreciation rates continue to be some of the highest in America, at 9.64%, which is higher than appreciation rates in 85.34% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Ocean Grove. Ocean 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 Ocean Grove's latest annual appreciation rate is lower than 60% of the other cities and towns in New Jersey.
$933,529
for New jersey
for nation
1,838
$2,485 / per month