Gloucester Township Property Values Down 11 Percent From Pre-2010 Levels, Report Shows

Gloucester Township, NJ -- Like much of New Jersey’s housing market, property values are down in Gloucester Township.

However, when you take a look at the map below, provided by NJ Spotlight, you realize things could be much worse.

On the map, green is good, tan is mediocre and brown is bad.

Gloucester Township, whose property values are down 11.36 percent since pre-2010 levels, is tan.

Then again, the data was released in a year in which the township increased taxes by about 12 percent. This increase drew a backlash from township residents over the summer.

According to the map, which was compiled using 2015 American Community Survey data released last week and was published by NJ Spotlight, about 0.3 percent of Gloucester Township’s homes are valued at more than $1 million, and the median home value is $201,400.

Out of 25,079 housing units in Gloucester Township, 74.3 percent are owned and 25.7 percent are rented. The median monthly cost for a mortgaged home is $2,041, and the median cost for a home without a mortgage is $915. The average renter owes $1,132 a month.

It shows property values in Gloucester Township are going down, even after a 12 percent drew a backlash from township residents over the summer.

Still, Gloucester Township values remained in line with the 11 percent median decline in residential values in New Jersey, for the moment.

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.

NJ Spotlight noted that 13 communities had a median home value of more than $1 million, with two of those — Alpine and Mantoloking — valued at more than $2 million. The lowest home value was in Camden, whose $84,600 estimate was below the $90,000 valuation in Winfield, the municipality with the second-lowest median value.

Here is the map. 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.