Home Values Increase In Summit

SUMMIT, NJ — Summit homeowners were unlike many others in the Garden State, as they saw an increase in their home values over the past four years. The most in Union County.

In the last decade Summit homes saw a decrease of 6.29 percent in value. The median value of Springfield homes is now $809,400 over the state median of $316,000.

A map provided by NJ Spotlight, details what towns saw changes in their home values, which uses U.S. Census data to show the pain most homeowners are feeling as they watched their home values drop as much as 20 percent since their pre-2010 levels, when the Great Recession hit.

On the map, green is good, tan is mediocre and brown is bad. The vast majority of towns are bad — or very bad. Run your cursor over Stafford Township - Manahawkin - in Ocean County, for instance, and you'll see that home values have dropped 19 percent in the past seven years.

The median decline in residential values in New Jersey was close to 11 percent, according to the 2015 American Community Survey data released last week and published on NJ Spotlight.

The reports said the typical home in the state was valued at almost $316,000 when averaged over the 2011-2015 period — 11.5 percent less than the 2006-2010 community survey estimate.

Here is the map. As noted, run your cursor over it to find out the number of total housing units, the percentage of homes owned or rented, the median housing values, housing coasts and the 7-year changes. Also, click on the map and hold the cursor down to move the map so you can see everything.

(Image via Shutterstock)

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