NJ Dream Homes Out of Reach for Many? Prices Surge Past $1 Million Mark

New Jersey's reputation as a state with a robust housing market continues to hold true. A recent report by Zillow indicates that 42 towns across the state now boast an average home value exceeding $1 million, a significant marker of affluence. This represents a continued trend of rising home prices in New Jersey, solidifying its position as one of the most expensive real estate markets in the nation.

Deal, a charming borough nestled in Monmouth County, takes the crown for the highest average home value in the state at a staggering $3,443,833. This figure reflects the allure of waterfront properties and idyllic suburban living that many New Jersey towns offer. Following closely behind Deal are Alpine in Bergen County and the coastal havens of Avalon and Stone Harbor in Cape May County, all boasting average home values well over $2 million. These locations cater to a luxury market seeking exclusivity and scenic beauty.

The statewide average home value sits at $503,432, significantly higher than the national average of $347,716. This disparity highlights the overall premium placed on New Jersey real estate. Interestingly, Zillow's data reveals that nearly every analyzed zip code experienced an increase in home values compared to the previous year. A particularly notable surge occurred in a Camden County zip code encompassing Haddon Township, with values rising by more than 20%. This trend suggests continued market growth across diverse regions within the state.

While the overall picture points towards a thriving market, it's important to acknowledge the outliers. A small handful of towns did see a decrease in average home values. This indicates that even within a robust market, local factors can influence price fluctuations.

This data paints a fascinating picture of New Jersey's housing landscape. The million-dollar club continues to expand, catering to a specific segment of the market. However, affordability concerns remain, as evidenced by the statewide average exceeding the national benchmark. As the market continues to evolve, it will be interesting to see if this upward trend persists and how it impacts the accessibility of homeownership across New Jersey.

Typical Home Prices for Feb 2024