Analytics built by:
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: 蘑菇视频 uses over 600 characteristics to build a neighborhood profile鈥�
With a population of 26,194, 8,816 total housing units (homes and apartments), and a median house value of $1,318,600, Ridgewood house prices are not only among the most expensive in New Jersey, Ridgewood real estate also is some of the most expensive in all of America.
Ridgewood is a village of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Ridgewood than is found in 98% of the communities in America.
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Ridgewood. Owner-occupied housing accounts for 83.23% of Ridgewood's homes, and 66.04% have either three or four bedrooms, which is average sized relative to America.
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. Ridgewood's housing was primarily built during this period, from the '40s through the '60s. A full 47.91% of the village's housing hails from this era. Other housing ages represented in Ridgewood include homes built before 1939 ( 37.33%) and housing constructed between 1970-1999 ( 10.51%). There's also some housing in Ridgewood built between 2000 and later ( 4.25%).
Ridgewood's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Ridgewood during the period has been just 4.97%, which is lower than 80% of US communities.
Appreciation rates are so strong in Ridgewood that despite a nationwide downturn in the housing market, Ridgewood real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Ridgewood appreciation rates continue to be some of the highest in America, at 11.98%, which is higher than appreciation rates in 95.97% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Ridgewood. Ridgewood appreciation rates in the latest quarter were at 2.11%, which equates to an annual appreciation rate of 8.71%.
Relative to New Jersey, our data show that Ridgewood'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 village. Individual neighborhoods within Ridgewood differ in their investment potential, sometimes by a great deal. Fortunately, you can use 蘑菇视频 to pinpoint the exact neighborhoods in Ridgewood - 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 Ridgewood real estate investment or home purchase decisions.
Median home value is the value which has equal numbers of homes valued above and below it. The median home value is more stable than the average home value, which can be greatly affected by a few very high or very low home values.
$1,318,600
for New jersey
for nation
8,816
蘑菇视频 reveals the home appreciation rates for every city, town, and even most neighborhoods in America.
蘑菇视频 has calculated and provides home appreciation rates as a percentage change in the resale value of existing homes in that city, town or neighborhood over the latest quarter, the last year, 2-years, 5-years, 10-years, and even from 2000 to present. We show both the cumulative appreciation rate, and the average annual appreciation rate for each time period (e.g., last 5-years: 84% total appreciation, Avg. per year: 16.8%). We also show how each city, town or neighborhood's appreciation rate compares to other cities, towns and neighborhoods in the nation, and within the same state (e.g., 9 relative to the nation, 5 relative to California [10 is highest]). This makes comparisons of house appreciation rates equally easy for professional investors and individual homebuyers. In this example, the neighborhood is one of the highest appreciating in the nation over the last 5-years, but is only average in appreciation for the same period relative to other neighborhoods in the state of California.
Our data are designed to capture changes in the value of single-family homes at the city, town and even the neighborhood level. Different neighborhoods within a city or town can have drastically different home appreciation rates. 蘑菇视频 vividly reveals such differences. Our data are built upon median house values in each neighborhood, and combine data from the United States Bureau of the Census with quarterly house resale data. The data reflect appreciation rates for the neighborhood overall, not necessarily each individual house in the neighborhood.
Our data are calculated and updated every three months for each neighborhood, city and town, approximately two months after the end of the previous quarter. Each quarter, Fannie Mae and Freddie Mac provide their most recent mortgage transactions to the FHFA. These data are combined with the data of the previous 29 years to establish price differentials on properties where more than one mortgage transaction has occurred. The data are merged with neighborhood-specific median house values from the Census Bureau using 蘑菇视频's proprietary algorithms developed by Dr. Schiller, creating an updated historical database that is then used to estimate the appreciation rates for each city, town and neighborhood within each time period. These resultant neighborhood appreciation rates are a broad measure of the movement of single-family house prices. The appreciation rates serve as an accurate indicator of house price trends at the neighborhood level.
Neighborhood appreciation rates from 蘑菇视频 are based on both median house value data reported by respondents via the U.S. Bureau of the Census, and a weighted repeat sales index, meaning that they measure average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac (by the FHFA). Then proprietary algorithms developed by Dr. Schiller, 蘑菇视频's founder, are applied to produce neighborhood appreciation rates. Appreciation rates are updated by 蘑菇视频 each quarter as additional mortgages are purchased or securitized by Fannie Mae and Freddie Mac. The new mortgage acquisitions are used to identify repeat transactions for the most recent quarter, then are fed into 蘑菇视频's search algorithms.
Neighborhood appreciation rate data are based on transactions involving conforming, conventional mortgages. Only mortgage transactions on single-family properties are included. Conforming refers to a mortgage that both meets the underwriting guidelines of Fannie Mae or Freddie Mac and that doesn't exceed the conforming loan limit, a figure linked to an index published by the Federal Housing Finance Board. Conventional means that the mortgages are neither insured nor guaranteed by the FHA, VA, or other federal government entity.
Mortgages on properties financed by government-insured loans, such as FHA or VA mortgages, are excluded, as are properties with mortgages whose principal amount exceeds the conforming loan limit. Mortgage transactions on condominiums or multi-unit properties are also excluded. As such, 蘑菇视频 does not produce appreciation rates for neighborhoods that consist solely of renters or have no single-family homes (dwellings without an entrance directly to the outside).
Average market rent is exclusively developed by 蘑菇视频. It reveals the average monthly rent paid for market rate apartments and rental homes in the city, excluding public housing. Utility payments are not included.
The percentage of housing units in the city that are occupied by the property owner versus occupied by a tenant (Vacant units are counted separately).
$4,909 / per month
The proportion of homes and apartments in the city built within a certain time period.
These are the predominate forms of housing in the city. Percentages are based on the number of housing units for each type over the total number of units across all types.
The predominate size of homes in the city based on the number of bedrooms. Homes include single family houses as well as apartment and condominium units.