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Much better
- Compared to 2020 the housing market in the State of New Jersey performed much better in 2021. This is certainly true for sale prices, which continued to soar statewide.
policylab.rutgers.edu/new-jerseys-single-family-housing-markets-by-county-2021/
Apr 1, 2022 · Low-interest rates improved housing affordability and a low inventory led to steep increases in home prices. Thus, home real estate markets intensified in 2021 due to what appears to have been a buyer frenzy that drove single-family home prices steeply upward across the State of New Jersey.
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Jun 12, 2023 · New Jersey home prices have increased 17.79% between April of 2021 and 2023, according to a New Jersey Real Estate Network analysis of data on real estate website Zillow.
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What is the status of New Jersey housing markets? The bottom line has been more or less the same since June 2020: double-digit price growth prompted by low inventory and depressed interest rates. Have they peaked? That is a tougher call. For sure, the number of home sales has been falling statewide.
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Rises in home prices and rents in New Jersey’s housing markets should be even stronger over the coming year due to its proximity to both New York City and Philadelphia.
