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 8,202 people, 3,317 houses or apartments, and a median cost of homes of $499,693, Vernon real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Vernon, accounting for 68.02% of the town's housing units. Other types of housing that are prevalent in Vernon include large apartment complexes or high rise apartments ( 20.11%), row houses and other attached homes ( 6.87%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.87%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Vernon. Owner-occupied housing accounts for 86.25% of Vernon's homes, and 67.74% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Vernon 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 Vernon built between 1940-1969 ( 19.48%). A lesser amount of the housing stock also hails from between 2000 and later ( 5.91%). There's also some housing in Vernon built before 1939 ( 3.33%).
Vacant housing appears to be an issue in Vernon. Fully 12.94% of the housing stock is classified as vacant. Left unchecked, vacant Vernon homes and apartments can be a drag on the real estate market, holding Vernon 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 Vernon have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 90.57%, which ranks in the top 50% nationwide. This equates to an annual average Vernon house appreciation rate of 6.66%.
Appreciation rates are so strong in Vernon that despite a nationwide downturn in the housing market, Vernon real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Vernon appreciation rates continue to be some of the highest in America, at 14.53%, which is higher than appreciation rates in 97.15% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Vernon. Vernon 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 Vernon's latest annual appreciation rate is higher than 90% of the other cities and towns in New Jersey.
$499,693
for New jersey
for nation
3,317
$3,810 / per month