Irvington, NJ is in Essex County and has a lively real estate scene. It's close to New York City and Newark. This makes it appealing to those looking to buy or invest. To make smart choices, knowing the local housing market is key. This guide will help you understand property values, rentals, and trends in Irvington.
The average price for a home here is $444,5881. You can find many types of homes, like duplexes and apartments converted from houses, making up 44.20% of dwellings. Also, 35.59% are in large apartment buildings or high-rises, 16.99% are single-family homes, and 3.23% are row houses or attached homes1. Most people rent, with rentals making up 70.50% of the housing1. The area has also seen a lot of growth, with home values up by 171.89% in the last decade1.
Key Takeaways
- The average home value in Irvington, NJ is $444,5881.
- Duplexes and similar housing types make up the majority of the housing stock1.
- Rentals dominate the housing market with 70.50% rental occupancy1.
- Irvington has seen a 171.89% home appreciation rate in the past ten years1.
- Diverse housing options are available, from single-family homes to large apartment complexes1.
Current Housing Market Conditions in Irvington, NJ
Recently, the housing market in Irvington has changed a lot, affecting buyers and sellers. This township is great for walking and has about 59,977 people. Many use public transport for their everyday trips, spending an average of 34.47 minutes traveling2. Irvington's diverse population and public spaces offer unique chances for those looking to buy a home or invest.
Is Irvington a Buyer's or Seller's Market?
In the last year, Irvington's market has shifted, now favoring buyers more than sellers. This change gives buyers the upper hand because they can negotiate better on home prices and homes stay listed for longer before selling. The median home cost is $220,0003, and many properties are up for rent or involved in foreclosures, making it easier for buyers to get good deals3.
Market Trends Over the Past Year
Analyzing Irvington's market trends shows some interesting facts. The area's mix of Black or African-American and Hispanic people adds various cultural touches2. Despite the $220,000 median home value3, over 65% of residents rent3. This setting, with different home types and community initiatives, makes Irvington attractive for various investors and buyers. To learn more, visitors can check out Irvington's real estate trends.
Median Home Prices in Irvington
Knowing the median home prices in Irvington, NJ, is vital for buyers and existing homeowners. The latest figures show the housing market in Irvington is changing rapidly. This reflects bigger trends and specific details in this city area.
Overall Median Price
The median home price in Irvington now is $444,588, way above the average in the country1. This tells us about the general home value in Irvington. It shows its strength compared to other places.
Price Changes Over the Last Year
In the last year, Irvington's median home prices went up by 5.4%, reaching a median sold price of $350,000. This is a sign of a strong real estate market. Different factors, like a 29.05% rise in home appreciation in the last quarter and 23.22% over the past year, drive this1. This shows Irvington is growing in value for both homeowners and investors.
Median Prices by Number of Bedrooms
Median prices in Irvington change based on how many bedrooms a house has. This gives us a good look into how housing prices are moving. Homes with one bedroom have seen big price jumps. Houses with five or more bedrooms are also going up in value. This shows how different people want different things in Irvington's home market. Not to mention, over half of the homes here have two or more bedrooms, showing there are a lot of big homes around1.
Comparison with Nearby Cities
Looking at Irvington vs Maplewood Township, each place has its own charm in New Jersey's real estate scene. The comparison of housing prices shows interesting market trends and investment possibilities.
Price Differences with Maplewood Township
Maplewood Township's homes tend to be pricier than those in Irvington. This price gap reflects the varying amenities and makeup of each neighborhood. Despite this, Irvington's increasing home values highlight its growing appeal as an investment hotspot. You can find more about this at Neighborhood Scout4. On the other hand, Maplewood Township has been experiencing steady growth, showing strong housing demand.
Price Differences with Maple—
In comparing Irvington and Maplewood, Maplewood often sees higher sold prices. Its attractiveness to buyers looking for certain lifestyle and community perks is clear. Yet, with Irvington's average income at $48,401, it offers a range of affordable options. This opens doors for people with different budgets4.
In the New Jersey property market, both towns lead with their unique strengths. Maplewood outshines with its higher prices and desirable setting. Irvington, with its mix of duplexes and rental apartments, presents a lucrative opportunity for investors. This is especially true as its home values continue to climb4.
Inventory - Homes for Sale Irvington, NJ
The real estate scene in Irvington, NJ, has shifted a lot this year. It affects both buyers and sellers. Getting to know the current homes for sale in Irvington is key. It gives a full snapshot of what's available for people moving in or living there.
Number of Homes on the Market
By June 2024, there was a big jump in Irvington's house listings. The homes for sale went up by 28.4% from May to June 20245. Now, 32 single-family homes are up for grabs. This shows the growing interest in Irvington and reflects wider market trends5.
Breakdown by Number of Bedrooms
In Irvington, houses come in all sizes to fit various needs. There's a notable rise in homes with four or more bedrooms. This is great for both small and large families looking to live in the area. With homes of different bedroom counts, buyers have many options to meet their space needs.
Changes in Inventory Over Time
The Irvington home inventory change reflects how the area adapts to market needs. A 28.4% rise in listings this June hints at a readiness for more people moving in5. Historical trends show that Irvington's real estate market is dynamic. It gives a good look at the yearly availability of properties.
Listing and Selling Prices Irvington, NJ
Knowing the relationship between listing and selling prices in Irvington is key for buyers and sellers. Many homes have been selling for more than their listed price, showing a competitive market.
Median Sale to List Ratio
The median sale to list ratio in Irvington gives insight into if homes sell above or below their listing price. This ratio shows how much the final selling price is from the original list price. When the ratio is high, it suggests a strong market for sellers. A lower ratio hints at chances for buyers to negotiate .
Percent of Sales Under and Over List Price
Lately, many homes in Irvington have sold over the list price. This shows intense competition among buyers. It's also helpful for sellers setting their price expectations. Meanwhile, homes selling below list price mean bargain opportunities.
Trends in Asking vs. Sold Prices
Looking at asking versus sold prices tells us about Irvington's real estate trends. These trends change due to the economy and how many people want to buy at different times of the year. In a competitive market, the difference between asking and selling prices is smaller. However, in a less competitive market, buyers can often negotiate for lower prices .
Days on Market for Properties Irvington, NJ
Knowing the Irvington average days on market helps buyers and sellers understand the real estate scene. The time it takes to sell a property here changes for many reasons. These include the demand for homes and how many are for sale.
In Irvington, with over 20,000 homes, sales may take longer3. This shows sellers must pick the right time to list their homes. They also might need to think differently about how long it will take to sell.
Buyers and sellers should keep up with the latest information. Irvington offers lots of amenities like a bus service for seniors, free flu shots, and parks3. These features make it appealing but can slow down how fast people decide to buy.
The time it takes to sell depends on what's for sale too. Irvington has everything from average-priced homes to foreclosures3. Knowing this helps with planning when to buy or sell. Check out how long properties stay on the in Irvington for more info.
Investment Opportunities in Irvington, NJ
The Irvington real estate market is full of chances for investors. It's powered by the need for different kinds of properties and the possibility of making money from rent. As you look at the market, knowing which properties are needed and how this matches with Irvington's real estate future is key.
Property Types in High Demand
In Irvington, some properties are really catching investors' eyes. Single-family homes and apartments are especially popular. They have good chances to increase in value and don't cost as much to start. These properties are sold quickly, showing a strong interest in them (Source: Local Real Estate Reports).
Potential for Rental Properties
The rental market in Irvington looks very good. There are many renters wanting affordable places near New York City. So, rental spots in Irvington are filling up fast and bringing in good rent money. This shows an attractive chance for those looking to make income from rent. The market trends point to a steady need for nice rental places.
Long-Term Market Forecast
The forecast for Irvington real estate shows changes coming. With what people want changing, there will be more new things being built to meet these wants. Also, spending on making the community better may make property values go up. This makes Irvington a great spot for investing in properties.
Risks and Considerations Irvington, NJ
Knowing the risks in Irvington is key for real estate investors. It's important to understand the wind risk for homeowners.
Wind Factor Risk in Irvington
Wind can be a big problem for Irvington properties. The area gets strong winds. Think about this when choosing building stuff and ways to build. It's a good idea to talk to real estate pros. They can help figure out how to deal with wind risks.
Insurance Considerations
With wind risks in Irvington, it's important to get good insurance. Make sure the policy covers wind damage and other natural issues. Talk to an agent who knows about Irvington. The right insurance helps protect your property from surprises.
Consulting a Licensed Professional
If you're looking into Irvington real estate, talk to experts. Real estate pros can give you tips on risks and benefits. They can guide you on insurance, covering wind dangers. This helps buyers make better choices and protect their investments.
Statistics also shed light on Irvington's housing market. The median home value is $470,843. Sales prices are at $510,000, up by 12.1% from last year6. These numbers show property values are rising. It's important to have good insurance.
Conclusion
Irvington, NJ's real estate market is bustling with opportunities for buyers and investors. This market overview reveals a range of property listings. Prices go from $300,000 to $699,0007. The median home price has hit $410,000. This marks a big increase from last year, showing positive growth7.
Irvington's prime location near Newark and major highways, like Route 78 and the Garden State Parkway, makes it a top pick for commuters8. It boasts great local amenities, including community centers and top schools like Irvington High School. This adds to Irvington's allure as a place to live8. With over 20 parks and properties labeled as "COMING SOON," buyers have lots to choose from8.
Luxury homes are also available in nearby areas like Llewellyn Park, with prices up to $5,999,0009. With so many choices, doing your homework and getting advice from experts is key. This helps make wise choices in this lively market. For more details on properties and market trends, check out the full summary of Irvington's real estate8.
FAQ
Is Irvington currently a buyer's or seller's market?
Irvington is now a buyer's market. This means you might be able to negotiate better when buying a home. Homes might also take longer to sell than before.
What has been the trend in median home prices in Irvington over the past year?
Home prices in Irvington went up by 5.4% last year. The median selling price is now at $350,000.
How do property prices in Irvington compare to nearby cities like Maplewood and Maplewood Township?
Irvington's property prices have gone up but not as much as in Maplewood and Maplewood Township. These places have seen even bigger increases in home prices.
How has the housing inventory in Irvington changed recently?
There’s a 28.4% jump in homes on the market in Irvington from May to June. This shows the market is adjusting to what buyers want.
What is the median sale to list ratio in Irvington?
In Irvington, homes often sell for more than their listed price. This ratio helps understand such trends.
What are the trends in asking vs. selling prices in Irvington?
A lot of Irvington homes are selling for more than their asking price lately. This shows it's a competitive market.
How long do properties typically stay on the market in Irvington?
With Irvington being a buyer's market, homes may take longer to sell. This gives buyers more time to think over their decision.
What property types are in high demand in Irvington?
There's big demand for homes, especially those with four or more bedrooms. Investors might find good opportunities in big houses and family homes.
What are the risks associated with real estate in Irvington, specifically regarding natural events?
When buying in Irvington, consider the Major Wind Factor®. It's important to know about possible wind damage and get the right insurance advice.
Are there investment opportunities for rental properties in Irvington?
Yes, the changing market and growing demand point to good investment chances in rental properties in Irvington.
What insurance considerations should potential homeowners in Irvington keep in mind?
Buyers should look into wind event risks and insurance specifics. Talking to experts can help understand and arrange the right coverages.
Source Links
- Highest Appreciating Irvington Neighborhoods (last 5 years) - https://www.neighborhoodscout.com/nj/irvington/real-estate
- Most expensive Irvington neighborhoods - https://www.neighborhoodscout.com/nj/irvington
- Open House - 1:00 PM - 4:00 PM - https://www.newjerseyrealestatenetwork.com/irvington/
- No title found - https://www.vyllahome.com/NJ/Irvington
- Irvington, NJ Single family homes for Sale - https://www.rockethomes.com/nj/irvington/single-family-homes
- New Jersey - FortuneBuilders - https://www.fortunebuilders.com/new-jersey-real-estate-market/
- Upper Irvington, NJ Homes for Sale - https://www.redfin.com/neighborhood/82940/NJ/Newark/Upper-Irvington
- Irvington NJ Real Estate and Homes for Sale | North Jersey Partners brokered by eXp Realty - https://northjerseypartners.com/essex-county-nj/irvington-nj/
- Open House - 4:00 PM - 6:00 PM - https://www.newjerseyrealestatenetwork.com/irvington/irvington-luxury-homes/
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