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 7,345, 2,991 total housing units (homes and apartments), and a median house value of $305,901, Washington real estate values are some of the lowest in New Jersey, although compared to real estate around the nation, Washington homes are still considered rather expensive.
Single-family detached homes are the single most common housing type in Washington, accounting for 47.10% of the borough's housing units. Other types of housing that are prevalent in Washington include large apartment complexes or high rise apartments ( 20.36%), duplexes, homes converted to apartments or other small apartment buildings ( 17.86%), and a few row houses and other attached homes ( 14.68%).
People in Washington primarily live in small (one, two or no bedroom) single-family detached homes. Washington has a mixture of owner-occupied and renter-occupied housing.
The housing in Washington was primarily built before 1939 ( 36.01%), making the housing stock in Washington some of the oldest overall in America, although there is a range of ages of homes in Washington. The next most important housing age is between 1940-1969 ( 26.42%), followed by between 1970-1999 ( 21.16%). There's also some housing in Washington built between 2000 and later ( 16.42%).
Real estate appreciation rates in Washington's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.94% during the period.
Appreciation rates are so strong in Washington that despite a nationwide downturn in the housing market, Washington real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Washington appreciation rates continue to be some of the highest in America, at 9.04%, which is higher than appreciation rates in 81.09% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Washington. Washington appreciation rates in the latest quarter were at 4.93%, which equates to an annual appreciation rate of 21.23%.
Importantly, this makes Washington one of the highest appreciating communities in the nation for the latest quarter, and may signal the borough's near-future real estate investment strength.
Relative to New Jersey, our data show that Washington's latest annual appreciation rate is lower than 70% of the other cities and towns in New Jersey.
$305,901
for New jersey
for nation
2,991
$1,906 / per month