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 2,048 people, 875 houses or apartments, and a median cost of homes of $357,012, Sussex real estate values are some of the lowest in New Jersey, although compared to real estate around the nation, Sussex homes are still considered rather expensive.
Single-family detached homes are the single most common housing type in Sussex, accounting for 48.52% of the borough's housing units. Other types of housing that are prevalent in Sussex include duplexes, homes converted to apartments or other small apartment buildings ( 24.26%), large apartment complexes or high rise apartments ( 22.56%), and a few row houses and other attached homes ( 4.66%).
People in Sussex primarily live in small (one, two or no bedroom) single-family detached homes. Sussex has a mixture of owner-occupied and renter-occupied housing.
The housing in Sussex was primarily built before 1939 ( 42.90%), making the housing stock in Sussex some of the oldest overall in America, although there is a range of ages of homes in Sussex. The next most important housing age is between 1940-1969 ( 28.50%), followed by between 1970-1999 ( 25.32%). There's also some housing in Sussex built between 2000 and later ( 3.28%).
Real estate appreciation rates in Sussex's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.14% during the period.
Appreciation rates are so strong in Sussex that despite a nationwide downturn in the housing market, Sussex real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Sussex appreciation rates continue to be some of the highest in America, at 11.29%, which is higher than appreciation rates in 91.99% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Sussex. Sussex 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 Sussex's latest annual appreciation rate is higher than 60% of the other cities and towns in New Jersey.
One very important thing to keep in mind is that these are average appreciation rates for the borough. Individual neighborhoods within Sussex differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Sussex - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Sussex real estate investment or home purchase decisions.
$357,012
for New jersey
for nation
875
$2,689 / per month