Millville, 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
Millville, NJ Housing Market Trends
With 27,308 people, 11,646 houses or apartments, and a median cost of homes of $302,261, Millville real estate values are some of the lowest in New Jersey, although compared to real estate around the nation, Millville homes are still considered rather expensive.
Single-family detached homes are the single most common housing type in Millville, accounting for 66.01% of the city's housing units. Other types of housing that are prevalent in Millville include large apartment complexes or high rise apartments ( 15.59%), row houses and other attached homes ( 8.56%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.46%).
The most prevalent building size and type in Millville are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 64.96% owning and 35.04% renting.
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. Millville's housing was primarily built during this period, from the '40s through the '60s. A full 35.53% of the city's housing hails from this era. Other housing ages represented in Millville include homes built between 1970-1999 ( 27.05%) and housing constructed before 1939 ( 21.58%). There's also some housing in Millville built between 2000 and later ( 15.85%).
Millville Home Appreciation Rates
Real estate appreciation rates in Millville's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.27% during the period.
Appreciation rates are so strong in Millville that despite a nationwide downturn in the housing market, Millville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Millville appreciation rates continue to be some of the highest in America, at 10.14%, which is higher than appreciation rates in 87.97% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Millville. Millville appreciation rates in the latest quarter were at -0.52%, which equates to an annual appreciation rate of -2.07%.
Notably, Millville's appreciation rate in the latest quarter is one of the lowest in America.
Relative to New Jersey, our data show that Millville'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 Millville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Millville - 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 Millville real estate investment or home purchase decisions.
Median Home Value
$302,261
Very Low
for New jersey
Average
for nation
Number of Homes And Apartments:
11,646
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:
$2,483 / per month