Prospect Park, NJ is an ideal location for housing due to its desirable median home value of $412,400. The US median home value is significantly lower at $338,100, making Prospect Park an attractive option for those looking for higher-valued homes. Both the US and Prospect Park have experienced a 1 year house appreciation rate of 8.27% and 8.22%, respectively; showing that this area of New Jersey has had strong consistent growth in terms of housing prices. This provides further assurance to prospective buyers that their investments in the housing market here will be well protected and continue to appreciate in value over time.
The median home cost in Prospect Park is $412,400. Home appreciation the last 10 years has been 62.6%. Home Appreciation in Prospect Park is up 10.8%.
Average Age of Homes
- The median age of Prospect Park real estate is 73 years old
The Rental Market in Prospect Park
- Renters make up 47.0% of the Prospect Park population
- 1.1% of houses and apartments in Prospect Park, are available to rent
DID YOU KNOW
Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.