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 20,106 people, 7,119 houses or apartments, and a median cost of homes of $914,557, Palisades Park house prices are not only among the most expensive in New Jersey, Palisades Park real estate also is some of the most expensive in all of America.
Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Palisades Park, accounting for 33.64% of the borough's housing units. Other types of housing that are prevalent in Palisades Park include large apartment complexes or high rise apartments ( 30.99%), row houses and other attached homes ( 21.77%), and a few single-family detached homes ( 13.18%). Boroughs that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of boroughs are often walkable and compact, and often have a lively downtown.
The most prevalent building size and type in Palisades Park are three and four bedroom dwellings. The borough has a mixture of owners and renters, with 37.47% owning and 62.53% renting.
Palisades Park homes and real estate are some of the newest in America. 33.44% of Palisades Park's housing was built since 2000, making the borough have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Palisades Park real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 26.25%), and between 1940-1969 ( 26.13%). There's also some housing in Palisades Park built before 1939 ( 14.18%).
Real estate appreciation rates in Palisades Park's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.25% during the period.
Appreciation rates are so strong in Palisades Park that despite a nationwide downturn in the housing market, Palisades Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Palisades Park appreciation rates continue to be some of the highest in America, at 9.22%, which is higher than appreciation rates in 82.32% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Palisades Park. Palisades Park 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 Palisades Park's latest annual appreciation rate is lower than 70% of the other cities and towns in New Jersey.
$914,557
for New jersey
for nation
7,119
$3,906 / per month