Top 5 Best Real Estate Investment Markets in New Jersey

By 

Ben Mizes

Updated 

April 22nd, 2019

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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 five New Jersey markets to your real estate portfolio.

Top 5 Best Real Estate Investment Markets in New Jersey

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, here are five markets that are a good starting point, though it’s always wise to involve a local realtor in yourinvestment plans.

When looking for investment properties in New Jersey, try 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. When buying in competitive markets, a local agent will be your “in” tofinding the best investment properties.

Weehawken

Weehawken has been accommodating overflow from Hoboken for a while. The median home value in Weehawken is$768,800 versus a median home value of $712,300 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$3,269, 81% more than New Jersey’s median rents, so while homes are expensive you’ll be able to find value.

Asbury Park

Asbury Park has benefitted from the renewed interest in vacation rentals along the Jersey Shore. Close to80% 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.

Home values in Asbury Park have gone up15.8% year over year, with another 7.7% expected in 2019. Average rents have gone up12% year over year to $1,668.

Moonachie

After being hit hard by Hurricane Sandy, Moonachie has begun its comeback. Now is the time to scoop up more affordable properties, with median home values only$365,000 but on the rise. It’s close to NYC, but average rents are only$1,395. Industrial vacancies have been shrinking in Moonachie while warehousing jobs have been growing.

Jersey City

Jersey City median home values are$481,900, a rise of 8.5% year over year. It’s ahot rental market, with a lot of new development, and over three fourths of the city’s population rents. It’s close to NYC 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 thepast 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.

Cherry Hill

Cherry Hill attracts renters and buyers priced out of the Philadelphia and NYC markets. Median home values are$269,800, much lower than other cities in New Jersey. Average apartment rents are$1,396 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.

Whatever your real estate investment strategy, whether it’s commercial, vacation rentals, ormulti-family properties, you’d be well-advise to partner with an experienced,local real estate agent for support breaking into the New Jersey market.