Updated July 24th, 2019
Curious about the New Jersey real estate market? New Jersey has been hot for a while and there are good reasons for this. NJ’s proximity to the job markets of New York City and Philadelphia gives it added weight.
New Jersey’s rental demands and diverse neighborhoods have much to offer investors and home buyers.
Whether you’re selling, buying, or investing, make sure you have the edge of a local expert realtor to guide you to the right opportunity at the right time when looking at the Garden State.
2019 Real Estate Market Forecast for New Jersey
The real estate market in New Jersey has been a hot seller’s market. Its proximity to New York City and Philadelphia makes it a desirable hub for commuters. Because New Jersey is the most densely populated state in the nation, so there is a consistent demand for housing.
Is the housing market going up or down 2019?
As a whole, the housing market is going up in 2019. Data as of July 2019 from Zillow shows that New Jersey home values rose 3.2% over the last 12 months and will rise another 1% over the next 12 months.
Newark’s median home value rose a whopping 11.9% over the last 12 months and is expected to rise another 6.5% over the next 12 months.
Elizabeth is blazing. With gains of 13.7% in the previous 12 months and an expected rise in the next 12 months of 8.5%, Elizabeth does not appear to be cooling off soon.
The New Jersey luxury home market is not doing as well, however. But this could be because of the Tax Cuts and Jobs Act, which limited the total state and local tax deductions to $10,000 as of 2018.
Will home prices continue to rise in New Jersey into 2020?
While the housing market depends upon many factors such as interest rates, New Jersey isn’t showing any signs of slowing down. Zillow predicts that New Jersey home will rise another 1% over the next 12 months.
Single-family homes are sure to rise into 2020 due to high demand. But luxury homes don’t show any sign of appreciating soon.
New Jersey’s economy is booming with a 3.0% unemployment rate as of June 2019. From May 2018 to May 2019, New Jersey ranked 24th in job growth nationwide with 3,000 jobs added in professional and business services; 2,600 additional jobs in trade, transportation and utilities; and 1,000 added manufacturing jobs.
When Is the Best Time to Sell a House in New Jersey in 2019?
Annual Zillow research shows that the best time to sell a house in New Jersey is on a weekend in the second half of May. This is based on the theory that when a homeowner in the New York metro area lists their home on a Saturday in the last two weeks of May, the home sells $3,100 on average more than if listed other times. As the New York metro area seeps into New Jersey, New Jersey is affected by New York trends.
If you’re trying to figure out the best time to sell your house in New Jersey for maximum returns, you’re better off consulting with a New Jersey local agent who stays immersed in New Jersey housing trends and understands the timing for New Jersey locations and price points.
The Top 5 Hottest New Jersey Markets
Weehawken is experiencing a hot seller’s market. With good schools and commuting to New York City, Hudson County’s Weehawken is one of the best places to live in New Jersey. To date, the median home value in Weehawken is $780,200. Weehawken home values increased 5.8% over the previous 12 months and are expected to rise an additional 4.1% over the next 12 months.
Properties near a beautiful beach tend to appreciate. Monmouth County is a hot seller’s market at the moment. Monmouth County’s Belmar, though only one square mile with a population of over 5,700, is a hot market. The median home value in Belmar is $580,500. Belmar home values have gone up 3.9% over the 12 months and Zillow predicts they will rise 1.8% over the next 12 months.
Lake Como, a simple town on a lovely beach, is also in Monmouth. County. It has a population of only about 1500 and good schools. Lake Como’s median home value is $426,400 and has gone up 7.9% over the past 12 months. Zillow predicts the median house value will rise 4.9% within the next year.
Asbury Park is in the midst of a renaissance with booming small business and sandy beaches. Asbury Park’s location makes it a commuter option to Manhattan, Newark, or Philadelphia. The median home value in Asbury Park is $365,600. Asbury Park’s median home value exploded over the last 12 months rising 8.3% and is predicted to rise another 3.4% over the next 12 months.
Carlstadt has a small-town feel with fantastic views of New York City and the Statue of Liberty. Carlstadt’s proximity to New York City continues to attract buyers. The median home value in Carlstadt is $413,600. Carlstadt’s median home value has gone up 3.2% over the previous 12 months and it will rise 3.4% over the next 12 months.
When Is the Best Time to Buy a House in New Jersey in 2019?
Ideally, the best time to buy a house is when there are fewer buyers to compete with. The reason why most sellers put their house on the market at the start of summer is that most buyers need to move before the start of the next school year. If you have the luxury to be unconventional in your approach to buying in New Jersey, you may get the place you want in the location of your choice for less by being patient.
What is the most affordable place to live in New Jersey?
Taking into account that the median income in New Jersey is about $20,000 higher than the national median income, New Jersey isn’t the cheapest place to live.
However, the cost of living in Camden, New Jersey is lower than the national average while the median income in Camden is higher than the national average at $66,196. This makes Camden an affordable place to live in New Jersey.
The median home value in Camden County is $173,800. Camden County’s median home value has gone up 2.6% over the past 12 months and Zillow predicts it will fall -0.4% within the next 12 months
Is real estate in New Jersey a good investment?
Investing in real estate for the long term in New Jersey is a good strategy because they just aren’t making any more of it in and around New York City. New Jersey is the most densely populated state in the nation. This means that property will always be in demand. In addition, two of the nation’s top three cities with the largest share of renters are in New Jersey: Newark at 74% and Jersey City at 70%.
Where can I invest in real estate in New Jersey?
Camden County real estate is one of the most affordable in New Jersey. Despite its affordable prices, 63 percent of its residents are renters. Properties in Camden County have appreciated over 100% in the last nine years.
In Jersey City, the 2nd most populated city in the state, 70% of the population rent providing ample opportunities for multi-family investments. Each neighborhood has varying price points for sales and rents.
What are the best New Jersey markets to invest in 2019?
Newark is the largest city in New Jersey and is a densely populated area. With the most renters in the country at 74%, it has a strong rental demand that will only increase as the population increases. Its proximity to New York City makes it a prime location for young professionals.
Elizabeth’s properties are a good option for both Airbnb short-term rentals and traditional long-term rentals. Its historical architecture and variety of multi-family investment opportunities make it a great market to look at.
Flippers might want to look into Gloucester City. The median home value in Gloucester City is only $101,200. Gloucester City home values have increased 7.0% over the past 12 months and they will rise 2.5% within the next year.
Why buy or invest in New Jersey?
New Jersey is an interesting and diverse market. The lack of inventory gives sellers with an expert agent on their side a fantastic opportunity to get top dollar. Meanwhile, its booming economy, convenient location, and selection of diverse neighborhoods make it a prime target for both investors and home buyers.
Whether you’re selling, buying or investing in New Jersey, you need an excellent local agent who stays on top of New Jersey real estate trends. Find a discount expert agent in New Jersey today.
Top FAQs About New Jersey Real Estate Trends
What’s the current New Jersey market outlook?
The New Jersey housing market has been a seller’s market overall for many years and it doesn’t look like things are about to change soon. There are several reasons for this. New Jersey has a low inventory of properties, a dense population, and is in a prime position for New York City commuters.
Is New Jersey a buyer’s or seller’s market in 2019?
New Jersey is definitely in a seller’s market in 2019, however, high-end homes are moving much slower. This could be part of a national trend in response to The Tax Cuts and Jobs Act, which limited the total state and local tax deductions to $10,000 as of 2018.
What is the average cost of a house in New Jersey?
As of July 2019, the median home value in New Jersey is $327,700. The median price of homes currently listed in New Jersey is $349,000 while the median price of homes that sold is $295,400.
Why is the New Jersey housing market so high?
The New Jersey housing market has been experiencing low inventory and increasing demand. This has created a hot seller’s market. While things stalled when the Feds raised interest rates in 2018, the low-interest rates in the spring of 2019 brought in more buyers who wanted to take advantage of locking in good terms on a mortgage.
Are houses in New Jersey cheap?
While you can find relatively cheap housing in New Jersey, it’s all about location. Houses within a decent commute to New York City with a good school system will be more expensive. While you can still find inexpensive homes in a city like Gloucester City where the median home value is only a little over $100,000, even those houses are appreciating quickly.