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 2,229 people, 1,080 houses or apartments, and a median cost of homes of $502,522, Union real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Union, accounting for 48.91% of the town's housing units. Other types of housing that are prevalent in Union include duplexes, homes converted to apartments or other small apartment buildings ( 41.58%), large apartment complexes or high rise apartments ( 9.51%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Union. Owner-occupied housing accounts for 73.24% of Union's homes, and 59.33% have either three or four bedrooms, which is average sized relative to America.
The housing in Union was primarily built before 1939 ( 47.83%), making the housing stock in Union some of the oldest overall in America, although there is a range of ages of homes in Union. The next most important housing age is between 1940-1969 ( 40.94%), followed by between 1970-1999 ( 7.25%). There's also some housing in Union built between 2000 and later ( 3.99%).
Appreciation rates for homes in Union have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 89.32%, which ranks in the top 50% nationwide. This equates to an annual average Union house appreciation rate of 6.59%.
Appreciation rates are so strong in Union that despite a nationwide downturn in the housing market, Union real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Union appreciation rates continue to be some of the highest in America, at 10.36%, which is higher than appreciation rates in 88.90% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Union. Union 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 Union'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 town. Individual neighborhoods within Union differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Union - 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 Union real estate investment or home purchase decisions.
$502,522
for New jersey
for nation
1,080
$3,375 / per month