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 a population of 18,220, 5,776 total housing units (homes and apartments), and a median house value of $1,124,438, South Orange house prices are not only among the most expensive in New Jersey, South Orange real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in South Orange, accounting for 61.19% of the town's housing units. Other types of housing that are prevalent in South Orange include large apartment complexes or high rise apartments ( 26.88%), duplexes, homes converted to apartments or other small apartment buildings ( 6.82%), and a few row houses and other attached homes ( 4.76%).
The most prevalent building size and type in South Orange are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 62.57% owning and 37.43% renting.
The housing in South Orange was primarily built before 1939 ( 48.53%), making the housing stock in South Orange some of the oldest overall in America, although there is a range of ages of homes in South Orange. The next most important housing age is between 1940-1969 ( 29.15%), followed by between 1970-1999 ( 12.73%). There's also some housing in South Orange built between 2000 and later ( 9.59%).
Appreciation rates for homes in South Orange have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 105.34%, which ranks in the top 30% nationwide. This equates to an annual average South Orange house appreciation rate of 7.46%.
Appreciation rates are so strong in South Orange that despite a nationwide downturn in the housing market, South Orange real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, South Orange appreciation rates continue to be some of the highest in America, at 13.88%, which is higher than appreciation rates in 96.55% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in South Orange. South Orange 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 South Orange's latest annual appreciation rate is higher than 80% of the other cities and towns in New Jersey.
$1,124,438
for New jersey
for nation
5,776
$3,202 / per month