New Jersey Housing Market Tightens, Prices Soar

New Jersey home prices have increased by 17.79% between April 2021 and 2023, according to a new analysis by the New Jersey Real Estate Network. The average home price in the state is now $457,044, up from $388,000 two years ago.

The analysis found that South Jersey home prices increased at a faster rate than North Jersey home prices. Cape May County had the biggest price increase, with the median home price rising 28.33% to $618,734. Hudson County had the lowest increase, with the median home price rising 9.98% to $538,937.

Here is a breakdown of the average home price increase by North Jersey county:

• Bergen County: 10.71%

• Passaic County: 14.03%

• Morris County: 13%

• Essex County: 12.58%

• Sussex County: 15.22%

The analysis attributed the increase in home prices to a number of factors, including low interest rates, a strong job market, and a limited supply of homes on the market.

"The housing market in New Jersey is very competitive," said Phillia Collins, a spokesperson for the New Jersey Real Estate Network. "There are more buyers than sellers, which is driving up prices."

The analysis predicts that home prices in New Jersey will continue to increase in the next year. However, the rate of increase is expected to slow as more homes come on the market and interest rates rise.

If you are thinking about buying a home in New Jersey, it is important to get pre-approved for a mortgage and work with a real estate agent who can help you find the right home for your needs and budget.