Parsippany, NJ

Population: 29,397
Average annual home appreciation rate: 1.65%
Total of homes for sale in this market: 137
Median home price: $454,098
Median Rent: $1,293 per room
Home price range: 36.90% of homes are between $403,001 – $504,000
Median sales price: $419,000
Number of homes: 166
Median foreclosure sales price: $307,500
Foreclosure discount: 27%
Most common home type: 55.96% of homes are Single Family Detached
Number of vacant homes: 5.25%
Number of renters: 40.73%
Number of owner occupied: 59.28%
Number people living below poverty level: 4.77%
Unemployment rate: 4.3%
Is this area perfect for real estate deals going on right now? With the history of positive appreciation in the Parsippany area, a rental property (based on the much higher than average rental rates) could be a profitable investment for the savvy buy and hold investor.

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