New Jersey’s Hot Housing Spots!
Photo credit: Brenda Connolly, Bradley Beach
The Real Estate Market in New Jersey is hot right now. Staying on top of the housing market updates is very important. There are more buyers than inventory, prices on homes are skyrocketing and bidding wars are becoming expected. With remote work still being as popular as it was during the the prime of the pandemic, the house search for more space and less money is what everyone wants. The Jersey Shore was becoming a known spot for spring and summer house rentals. Now that it is fall, the question is where are the new hotspots besides the shore?
Housing Markets You Should Watch.
Photo Credit: https://www.nationsonline.org/oneworld/map/USA/new_jersey_map.htm
Barnegat Township-Ocean County: Housing market update
Why Barnegat? “Sales price of homes rose 23 percent to $360,000 in the 12 months ending in April. The housing mix ranges from $800,000 waterfront homes on the lagoons carved out of the Bayshore.”-Patricia Alex, Kathleen Lynn.
Bayonne-Hudson County: Housing market update
Why Bayonne? “It’s possible to find a starter home under $300,000, but this year’s average single-family sale price has been in the mid-$400,000s, Borkeloh says. Bayonne draws many buyers from Brooklyn and other New York boroughs, and appeals to buyers and renters priced out of Jersey City.”-Patricia Alex, Kathleen Lynn
Bloomfield-Essex County: Housing market update
Why Bloomfield? “Prices are up an estimated 25 percent over 2020 as young buyers look to Bloomfield (population 47,000), with its easy commuter access (both by NJ Transit train and the Garden State Parkway), quiet residential streets and walkable shopping districts.”-Patricia Alex, Kathleen Lynn.
Greater Glassboro-Bergen County: Housing market update
Why Great Glassboro? “The median sale price for single-family homes was up 29 percent to $240,000. Condos and townhomes increased 27 percent to $222,000, during the year ending in April.”-Patricia Alex, Kathleen Lynn.
Hackensack-Bergen County: Housing market update
Why Hackensack? “Luxury rental buildings with desirable amenities—including Manhattan views—are replacing underused or vacant commercial properties. With help from the new construction, the median sale price of a single-family home in the city rose 27 percent from 2017 to 2020.” Patricia Alex, Kathleen Lynn.
Jefferson Township-Morris County: Housing market update
Why Jefferson? “Sales were up 43 percent this year over last. Homes range from small cottages for around $200,000 to large. Lakefront houses in the neighborhood of $1 million.”-Patricia Alex, Kathleen Lynn.
Oakland-Bergen County: Housing market update
Why Oakland? “Starter homes, such as ranches and Cape Cods, can be found for under $400,000, making the borough an affordable alternative to its pricey northern-Bergen County neighbors. That helped fuel a big jump in sales, up 40 percent this year over 2020.”-Patricia Alex, Kathleen Lynn.
Robbinsville-Mercer County: Housing market update
Why Robbinsville? “The median listing this summer for townhouses and condos in Robbinsville was $300,000. For single-family homes, the median was $620,000.” Patricia Alex, Kathleen Lynn.
Sayreville/South Amboy- Middlesex County: Housing market update
Why Sayreville/South Amboy? “Nearby, developers have plans for as many as 1,750 luxury apartments on 55 acres. The first 250 apartments are expected to be available in October, says South Amboy business administrator Glenn Skarzynski. Other residential proposals are pending for the city’s waterfront, which is also near NJ Transit’s South Amboy station.”-Patricia Alex, Kathleen Lynn.
Somerville-Somerset County: Housing market update.
Why Sommerville? “The median price of 31 homes listed on Realtor.com this summer was about $390,000, with newly built $500,000-plus townhomes pushing up the averages.”-Patricia Alex, Kathleen Lynn
Union Township-Union County: Housing market update
Why Union Township? “Prices generally starting in the $350,000s, making the township more affordable than some of its neighbors, according to David Weisbrod of White Realty in the township. Buyers also like the access to the Garden State Parkway, Routes 22 and 78, and the NJ Transit train, with its 35-minute rail commute into New York City.”-Patricia Alex, Kathleen Lynn.
Ventnor City-Atlantic County: Housing market update
Why Ventnor City? “Properties are still affordable and diverse, some dating to the turn of the last century. In June, the median price of 190 was $423,000, with 29 properties listed for less than $200,000—unheard-of at much of the Shore.”-Patricia Alex, Kathleen Lynn.
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The reason these towns are becoming the new hotspots is because the new market of millennials. They are looking for low prices because of their college debt. They want homes close to the city as well as having space. Most of them are having a family or thinking about settling down and starting a family. These towns are affordable and their communities are growing!
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