These are the 15 hottest real estate markets in N.J. this spring
By Erin Petenko | Posted April 29, 2019 at 07:00 AM | Updated April 29, 2019 at 07:38 AM
America’s real estate market looks better than it has in years, just don’t tell that to New Jersey.
The average home price in the United States is the highest it’s been in more than two decades after years of dragging behind pre-recession prices, according to Zillow data on home prices in the first quarter of 2019. But New Jersey’s homes remain stuck behind 2006, when they hit their peak prices.
The New Jersey median home value of $327,500 is still higher than the national median of $226,700. But the market has grown a measly 0.3% over the past 10 years compared with the national growth of 2.8%.
Even with weak growth, New Jersey had some bright spots — especially along the Jersey Shore and in Hudson County. Find out what the hottest markets of the last quarter were.
- Fanwood, Union County
Home value: $482,500
Fanwood’s an outlier here: A newcomer to the list that isn’t a Shore town or a New York ‘burb, although it has a train line that leads to the city.
- Spring Lake, Monmouth County
Home value: $1,927,100
The Shore was a popular real estate destination last quarter; 11 of the 15 municipalities that grew the most were in Monmouth or Ocean county. Spring Lake was the second-highest in terms of median home value.
- Weehawken, Hudson County
Home value: $773,600
Weehawken’s fallen from its spot toward the top of the list, but it’s still hanging on. The small Hudson County town is known for its close access to New York.
- Belmar, Monmouth County
Home value: $585,000
- Jersey City, Hudson County
Home value: $483,600
Jersey City was a longtime first-place ranker on the hot list, but it’s dropped this quarter. The city also recently had its first property tax audit in decades, raising costs in popular neighborhoods. Could it be that Jersey City’s growth won’t continue forever?
- Sea Girt, Monmouth County
Home value: $1,870,500
- Beach Haven, Ocean County
Home value: $957,200
- Lake Como, Monmouth County
Home value: $415,000
- Paulsboro, Gloucester County
Home value: $96,900
Paulsboro’s home values are far below the New Jersey average, but its strong growth this quarter could suggest it’s a bargain destination.
- Deal, Monmouth County
Home value: $2,265,700
Deal was the priciest town on the list and remains in the same slot it fell into last quarter.
- Ocean, Monmouth County
Home value: $488,700
- Manasquan, Monmouth County
Home value: $715,400
- Asbury Park, Monmouth County
Home value: $363,100
Asbury Park continues to be a hot destination. The Shore town and hub for the LGBT community is also still relatively cheap compared to the state average, making it a bargain town.
- Atlantic Highlands, Monmouth County
Home value: $450,700
- Oceanport, Monmouth County
Home value: $515,200
Hopefully you gained more information on the 15 hottest real estate markets in NJ.