See how home prices changed in every N.J. ZIP code over the past 10 years on this map
Updated May 04, 2021;
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Home values rose an average of about 10% each year between 2000 and 2006.
Between 2007 and 2012, home values fell an average of 5% annually.
They increased an average of 3% each year between 2013 and 2019 and last year they jumped about 12%, according to data from Jeffrey Otteau, a real estate economist and president of the Otteau Group.
What did all the up and down movement mean for homeowners in New Jersey? Big gains for some, even without accounting for the wild market changes in the past four months. (The average New Jersey home price for the first quarter of 2021 was $500,628, or 24% more than the $403,785 for the first quarter of 2020, according to data from New Jersey Realtors.)
The frenzied market has caused a big change in N.J. real estate more cash buyers
Updated 12:50 PM;
More buyers in New Jersey’s red-hot real estate market are relying on an old virtue to get their offers accepted cash is king.
Real estate agents throughout the state have said their buyers are often losing bidding wars to offers that are cash, meaning the sale is not contingent upon the buyer getting a mortgage to close. Cash buyers also run the risk of losing their deposit, so their offers are seen as more committed. And an appraisal isn’t needed for a cash purchase, eliminating another contingency.
These are the N J counties that saw the biggest spikes, dips in homes sales nj.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nj.com Daily Mail and Mail on Sunday newspapers.
The housing market is hot for many reasons. Millenials are one of them.
Updated Apr 17, 2021;
Posted Apr 17, 2021
A real estate For Sale sign reading Sold hangs on Bard Avenue lawn as home buyers gain strength amid an ailing market.Thursday July 12, 2012. (Staten Island Advance/Anthony DePrimo) Staten Island AdvanceStaten Island Advance
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We’ve all heard about houses selling in days with multiple offers and bidding wars being the norm. But in the midst of a pandemic and all its implications it’s tough to understand why the housing market is so hot.
Experts tell NJ Advance Media the record home-buying spree is being fueled by low interest rates, a flourish of millennial buyers and urban flight.
Home sales are booming in these New Jersey towns
New Jersey real estate has been on a roller coaster this year. Home sales were strong at the beginning of the year, then cratered because of the pandemic, then started taking off again over the summer and are finishing the year strong. Fueled by low interest rates and an influx of city residents looking for more space home sales have stayed at unusually high levels.
New Jersey Monthly surveyed realtors throughout the state to get an idea of where the market is the hottest and found some surprising trends. They point out that walkable cities had been in favor in recent years, but this year showed a trend toward homes with more space and big yards in places like Hunterdon and Sussex Counties. Also, homes priced at $2.5 million and up showed unusually strong sales.