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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.



Elizabeth, 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

Elizabeth, NJ Housing Market Trends

With 134,283 people, 45,488 houses or apartments, and a median cost of homes of $522,136, Elizabeth real estate prices are well above average cost compared to national prices.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Elizabeth, accounting for 45.73% of the city's housing units. Other types of housing that are prevalent in Elizabeth include large apartment complexes or high rise apartments ( 34.73%), single-family detached homes ( 13.42%), and a few row houses and other attached homes ( 5.97%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

Elizabeth is dominated by renter-occupied one, two, or no bedrooms apartments. 75.14% of Elizabeth's dwellings are rentals.

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. Elizabeth's housing was primarily built during this period, from the '40s through the '60s. A full 38.02% of the city's housing hails from this era. Other housing ages represented in Elizabeth include homes built before 1939 ( 26.88%) and housing constructed between 1970-1999 ( 21.32%). There's also some housing in Elizabeth built between 2000 and later ( 13.78%).

Elizabeth Home Appreciation Rates

Appreciation rates for homes in Elizabeth have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 106.49%, which ranks in the top 30% nationwide. This equates to an annual average Elizabeth house appreciation rate of 7.52%.

Appreciation rates are so strong in Elizabeth that despite a nationwide downturn in the housing market, Elizabeth real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Elizabeth appreciation rates continue to be some of the highest in America, at 10.47%, which is higher than appreciation rates in 89.30% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Elizabeth. Elizabeth appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.76%.

Relative to New Jersey, our data show that Elizabeth's latest annual appreciation rate is lower than 50% 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 city. Individual neighborhoods within Elizabeth differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Elizabeth - 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 Elizabeth real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$522,136

Elizabeth, NJ Home Prices
> $1,442,000
$1,081,001 - $1,442,000
$721,001 - $1,081,000
$577,001 - $721,000
$433,001 - $577,000
$289,001 - $433,000
$144,001 - $289,000
$72,001 - $144,000
$0 - $72,000
0.4%
0.4%
2.3%
2.3%
16.4%
16.4%
22.9%
22.9%
21.2%
21.2%
24.5%
24.5%
7.6%
7.6%
0.2%
0.2%
4.4%
4.4%
0% 100.0%
% of Homes
Low

for New jersey

Very High

for nation

Number of Homes And Apartments:

45,488

Elizabeth Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,715 / per month

Homeownership Rate

Owners
Renters
24.9%
24.9%
75.1%
75.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.7%
6.7%
93.3%
93.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
13.8%
13.8%
21.3%
21.3%
38.0%
38.0%
26.9%
26.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
13.4%
13.4%
6.0%
6.0%
45.7%
45.7%
34.7%
34.7%
0.1%
0.1%
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
7.0%
7.0%
20.7%
20.7%
32.6%
32.6%
31.8%
31.8%
5.6%
5.6%
2.4%
2.4%
0% 100.0%
% of Homes