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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



West Milford, NJ Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

West Milford, NJ Housing Market Trends

With 10,991 people, 4,298 houses or apartments, and a median cost of homes of $560,111, real estate costs in West Milford 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.

Single-family detached homes are the single most common housing type in West Milford, accounting for 72.13% of the town's housing units. Other types of housing that are prevalent in West Milford include large apartment complexes or high rise apartments ( 17.72%), row houses and other attached homes ( 9.31%).

Dwellings in West Milford tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 48.95% of the homes in West Milford have two or fewer bedrooms.

There is a lot of housing in West Milford 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 West Milford built between 1940-1969 ( 41.34%). A lesser amount of the housing stock also hails from before 1939 ( 8.90%). There's also some housing in West Milford built between 2000 and later ( 5.85%).

West Milford Home Appreciation Rates

Real estate appreciation rates in West Milford's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.03% during the period.

Appreciation rates are so strong in West Milford that despite a nationwide downturn in the housing market, West Milford real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, West Milford appreciation rates continue to be some of the highest in America, at 10.84%, which is higher than appreciation rates in 90.58% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in West Milford. West Milford 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 West Milford's latest annual appreciation rate is higher than 50% of the other cities and towns in New Jersey.

Average Home Values

Median Home Value

$560,111

West Milford, NJ Home Prices
> $1,485,000
$1,114,001 - $1,485,000
$742,001 - $1,114,000
$594,001 - $742,000
$446,001 - $594,000
$297,001 - $446,000
$149,001 - $297,000
$74,001 - $149,000
$0 - $74,000
1.3%
1.3%
0.8%
0.8%
10.8%
10.8%
19.1%
19.1%
25.6%
25.6%
27.8%
27.8%
9.4%
9.4%
0.3%
0.3%
4.8%
4.8%
0% 100.0%
% of Homes
Average

for New jersey

Very High

for nation

Number of Homes And Apartments:

4,298

West Milford Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,279 / per month

Homeownership Rate

Owners
Renters
87.3%
87.3%
12.7%
12.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
7.8%
7.8%
92.2%
92.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
5.8%
5.8%
43.9%
43.9%
41.3%
41.3%
8.9%
8.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
72.1%
72.1%
9.3%
9.3%
0.8%
0.8%
17.7%
17.7%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
14.2%
14.2%
34.7%
34.7%
32.0%
32.0%
14.2%
14.2%
4.8%
4.8%
0% 100.0%
% of Homes

Popular Neighborhoods in West Milford

Zip Codes in West Milford, NJ