Hackensack, NJ Real Estate Market
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
Hackensack, NJ Housing Market Trends
With 45,633 people, 19,770 houses or apartments, and a median cost of homes of $517,032, Hackensack real estate prices are well above average cost compared to national prices.
Large apartment complexes or high rise apartments are the single most common housing type in Hackensack, accounting for 58.72% of the city's housing units. Other types of housing that are prevalent in Hackensack include single-family detached homes ( 22.04%), duplexes, homes converted to apartments or other small apartment buildings ( 15.76%), and a few row houses and other attached homes ( 3.01%). 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.
People in Hackensack primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Hackensack has a mixture of owner-occupied and renter-occupied housing.
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. Hackensack's housing was primarily built during this period, from the '40s through the '60s. A full 38.21% of the city's housing hails from this era. Other housing ages represented in Hackensack include homes built between 1970-1999 ( 36.51%) and housing constructed before 1939 ( 16.82%). There's also some housing in Hackensack built between 2000 and later ( 8.46%).
Hackensack Home Appreciation Rates
Appreciation rates for homes in Hackensack have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 92.39%, which ranks in the top 50% nationwide. This equates to an annual average Hackensack house appreciation rate of 6.76%.
Appreciation rates are so strong in Hackensack that despite a nationwide downturn in the housing market, Hackensack real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Hackensack appreciation rates continue to be some of the highest in America, at 12.13%, which is higher than appreciation rates in 93.89% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Hackensack. Hackensack 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 Hackensack's latest annual appreciation rate is higher than 70% 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 Hackensack differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hackensack - 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 Hackensack real estate investment or home purchase decisions.
Median Home Value
$517,032
Low
for New jersey
Very High
for nation
Number of Homes And Apartments:
19,770
NJ
America
2024 Q1 - 2024 Q2
2023 Q2 - 2024 Q2
2022 Q2 - 2024 Q2
2019 Q2 - 2024 Q2
2014 Q2 - 2024 Q2
2000 Q1 - 2024 Q2
Average Market Rent:
$3,493 / per month