What is the state of the real estate market in New Jersey?

Now is a great time to get invested in the state of the real estate market in New Jersey. For a number of reasons, this market has been growing over the years, and it offers a lot of great opportunities.

New Jersey became a part of the United States in 1787, making it one of the first states in the union and also one of the most popular from the very beginning. Over the years, the Garden State has only become more populated, and today it holds more than nine million people in it.

New Jersey holds a special place in American history as it was a part of the Revolutionary War, the Civil War, and the Industrial Revolution, Civil Rights movement, and so many other major moments in United States history. Today, a lot of people think of Jersey as simply the state that sits right next to New York, but there is so much more to Jersey.

There are so many great locations, parks, restaurants, businesses, and homes in New Jersey that it’s no surprise so many people are moving there year after year. It is always one of the most sought-after locations for people who are looking to move.

The real estate market in New Jersey is a subject of great attention and always has been. These days, New Jersey is booming and thriving and the market is full of life. If you are thinking of moving to New Jersey, there are certain things you should keep in mind. Buying into the real estate market is a major investment and you should know what you’re getting yourself into.

Our guide will teach you what you need to know about the present and future of the New Jersey real estate market. If you are thinking of planting your flag in New Jersey and buying a home, renting an apartment, finding a luxury penthouse, townhouse, or condo, you should pay attention to the current state of the market.

How much does it cost to buy a home in New Jersey?

If you are thinking of moving to New Jersey, you should be prepared to spend a good amount of money to live there. The market in Jersey is always pretty popular but lately it’s been growing more and more, year after year.

PropertyShark and the NJMLS estimates that the median sale price in New Jersey during Q1 2023 is $620,000, which is a four percent increase from last year. In fact, over the last five years, the New Jersey real estate market has climbed steadily. Of all the cities in the state, the ones that are growing the fastest in terms of pricing are Fort Lee, Sicklerville, East Orange, Ocean City, and North Bergen.

As you can see, buying a home in New Jersey isn’t cheap, although it isn’t as expensive as buying in New York, Connecticut and other states in that part of the country. That is one of the most appealing features of Jersey real estate, especially thanks to its proximity to New York City and easy transportation access to Manhattan by train or bus. And it’s also one of the reasons why so many people are always tuned in and paying attention to New Jersey real estate.

How is the New Jersey real estate market? 

Because of the success that seems to always find it, the New Jersey real estate market is doing quite well. In fact, it is doing better than many other neighboring states.

Houses on the market in New Jersey are usually sold about 80 days after their listing, which shows the great interest in this part of the country. There are also a smaller number of listing on the market, about 12% less than last year at the same period, driving more competition and bidding wars.  

The good news is that the prices aren’t increasing so much that other people aren’t able to move to New Jersey. This suggests that the market will only improve over the next few years because the pricing isn’t too astronomical to invite fresh New Jersey residents from all over the country. 

The increase in pricing shows that demand to move to New Jersey is still strong, and the market is doing very well.  

Summary

Over the last few years, New Jersey has become one of the most popular and sought-after real estate markets in the country and there is evidence to suggest that will continue in the years ahead. 

The market has been steadily climbing to new heights over the last five years, even with the COVID pandemic hobbling the industry and shutting down sales in many ways. As things become more normal, the economy improves, and New Jersey continues to be a popular state in America, you can expect to see the real estate business in New Jersey keep flourishing.

This means that now is a great time to get into New Jersey real estate. Whether you want to move to Jersey or buy a place as an investment, the present is the perfect time to get involved. If you are ready to do that, contact us at BARNES New York. We know the ins and outs of all real estate markets, including the luxury housing market in New Jersey. We are ready to help you take the next steps and find your new home.