Top 5 Best Real Estate Investment Markets in New Jersey

Ben Mizes

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Ben Mizes

May 11th, 2022
Updated May 11th, 2022

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Real estate investors will find properties to fit any investment strategy in New Jersey. Think about adding properties in one of these top 5 New Jersey markets to your real estate portfolio.

Real estate investors will find properties to fit any investment strategy in New Jersey. Think about adding properties in one of these top five New Jersey markets to your real estate portfolio.

Real estate investors are always on the lookout for new opportunities in the housing market. Savvy investors know that it’s a bad idea to concentrate all their properties in one area, and often invest in multiple states.

If you’ve been thinking about investing in New Jersey, we've listed five markets that are a good starting point, and offer tips on how to find profitable deals.

Top 5 Best Real Estate Investment Markets in New Jersey

1. Weehawken

Weehawken has been accommodating overflow from Hoboken for a while. The median home value in Weehawken is $904,462 versus a median home value of $745,523 in Hoboken, but Weehawken is less-crowded and has more room for growth. Its location just across the water from NYC ensures that you’ll always have demand for rentals, and home values have been increasing.

Median rents in Weehawken are over $3,400, or 68% more than New Jersey’s median rents, so while homes are expensive you may be able to find value.

2. Asbury Park

Asbury Park has benefitted from the renewed interest in vacation rentals along the Jersey Shore. Close to 80% of the population are renters, with the year-round population staying relatively flat. Your value in Asbury Park will be found in renting to people coming to the beaches on vacation.

Median home values in Asbury Park are over $500,000 and have gone up 15.5% over the past year. Average rents have skyrocketed and currently cost over $1,600 per month.

3. Moonachie

Moonachie had a roaring comeback after being hit hard by Hurricane Sandy. But there are still affordable properties to buy relative to other parts of the state, with median home values of $516,043 (but on the rise). Industrial vacancies have been shrinking in Moonachie while warehousing jobs have been growing.

4. Jersey City

Jersey City median home values are $588,504, up just 6% over the past year. But it’s a hot rental market, with a lot of new development, and over three fourths of the city’s population rents. Jersey City is close to Manhattan and competes with Hoboken for the same renters but also has a thriving business community of its own.

The population in Jersey City has shown consistent growth over the past few years, and while it hasn’t shown job growth this is less important for real estate investors due to the number of people who call Jersey City home but commute to work elsewhere.

5. Cherry Hill

Cherry Hill attracts renters and buyers priced out of the Philadelphia and NYC markets. Median home values are $382,615, much lower than other cities in New Jersey. Average apartment rents are $1,900 and the area has some of the best schools in the state.

Cherry Hill has been hit hard by foreclosures in recent years, however for an investor who buys low and sells high this presents an opportunity. If you have the money to buy and hold, you could eventually realize a tidy profit.

How to Find Cheap New Jersey Properties

When looking for investment properties in New Jersey, one idea is to find homes or buildings located near train lines that lead to larger cities if you want to buy and hold or rent year-round. There are opportunities for those who pursue a vacation rental strategy along the coast, too.

The best deals are usually homes that only need cosmetic repairs, or homes with motivated sellers.

Types of homes that make for good flips in New Jersey often include: foreclosures, pre-forecloses, short-sales, and abandoned or neglected properties. Here's how to find them.

1. Use real estate investment software

One of the biggest challenges of flipping homes or finding rental properties in New Jersey is finding great deals. But the using a real estate app or software can really come in handy.

Popular real estate software or websites for New Jersey investors to consider include:

  • DealMachine: DealMachine's driving for dollars app is fast and easy to use. It helps you find cheap properties in New Jersey, and get in touch with the owners. When you're driving around town and spot a home that could be a great deal, you can send the owner direct mail through the app for huge time savings (no post office visits required).

  • Flipster: Primarily targeting house flippers, this app helps you find motivated seller leads, while also providing valuable comparable property information to help you estimate a home's fair market value before making an offer.

  • Flipperforce: The Flipperforce app helps BRRRR method investors analyze home values to calculate the maximum purchase price to offer on a property before making a purchase.

  • Zillow foreclosure center: Zillow makes it easy to find foreclosed and bank-owned properties in your area. However, unlike off-market properties you'd find on DealMachine and other software, most of Zillow's properties are publicly listed - meaning you'll likely face stiff competition from other investors.

Looking for great real estate deals?

One of the biggest challenges of flipping homes is finding great deals. But DealMachine makes your house hunt so much easier!

DealMachine's real estate software helps investors find and research distressed homes (think: pre-foreclosures, foreclosures, short sales, etc), and get in touch with owners fast via batch skip tracing and direct mail campaigns.

DealMachine's driving for dollars app is fast and easy to use: Once you've spotted a great deal, you can send the owner direct mail through the app in just seconds (no post office visits required!).

💸 Sign up for a 7-day free trial with DealMachine! Get $15 in free marketing credits using promo code: LISTWITHCLEVER

2. Partner with a realtor

Partnering with an investor-friendly realtor is the best way to ensure a favorable, easy home purchase.

New Jersey realtors understand a variety of markets, including real estate laws and practices specific to the state, and can provide access to lesser-known neighborhoods and properties that just may be your dream investment.

Clever can match you up with real estate agents to guide you through New Jersey's market and make your house hunting journey a breeze - and eligible buyers can get back 0.5% of their home's purchase price after closing, potentially saving you thousands on your home purchase.

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