NEW JERSEY — Six New Jersey counties saw home prices jump by about 10 percent this year compared to last year, according to new data that revealed where in the Garden State buying a home could cost you more.
The list was created using Zillow data from February 2024, which showed that the typical home value in New Jersey is $503,432 — significantly higher than the nationwide value of $347,716.
Camden and Mercer counties topped the list where home prices increased the most, according to the data, followed by Sussex, Gloucester, Burlington and Morris counties. In Camden and Mercer, home values increased more than 11 percent compared to February 2023, while the others saw values increase by nearly 10 percent.
Hudson County saw the smallest increase at 4.2 percent.
Currently, the most expensive homes in the Garden State are located in Cape May, Monmouth, Bergen, and Morris counties, where typical home values averaged more than $600,000 in February, according to the report.
Here's a look at home values in each county and the percentage change from February 2023 to February 2024:
Atlantic
- Average home value (Feb. 2024): $335,918
- Percent change: 9.8 percent
Bergen
- Average home value (Feb. 2024): $661,301
- Percent change: 7.1 percent
Burlington
- Average home value (Feb. 2024): $372,100
- Percent change: 10.1 percent
Camden
- Average home value (Feb. 2024): $308,033
- Percent change: 11.6 percent
Cape May
- Average home value (Feb. 2024): $685,882
- Percent change: 4.8 percent
Cumberland
- Average home value (Feb. 2024): $235,671
- Percent change: 7.5 percent
Essex
- Average home value (Feb. 2024): $581,327
- Percent change: 9.5 percent
Gloucester
- Average home value (Feb. 2024): $338,798
- Percent change: 10.1 percent
Hudson
- Average home value (Feb. 2024): $572,960
- Percent change: 4.2 percent
Hunterdon
- Average home value (Feb. 2024): $563,896
- Percent change: 8.7 percent
Mercer
- Average home value (Feb. 2024): $399,260
- Percent change: 11.1 percent
Middlesex
- Average home value (Feb. 2024): $500,177
- Percent change: 8.5 percent
Monmouth
- Average home value (Feb. 2024): $664,550
- Percent change: 8.7 percent
Morris
- Average home value (Feb. 2024): $616,032
- Percent change: 10 percent
Ocean
- Average home value (Feb. 2024): $486,446
- Percent change: 8 percent
Passaic
- Average home value (Feb. 2024): $510,780
- Percent change: 8.6 percent
Salem
- Average home value (Feb. 2024): $259,541
- Percent change: 9.1 percent
Somerset
- Average home value (Feb. 2024): $592,974
- Percent change: 9.8 percent
Sussex
- Average home value (Feb. 2024): $393,243
- Percent change: 10.2 percent
Union
- Average home value (Feb. 2024): $549,056
- Percent change: 8.5 percent
Warren
- Average home value (Feb. 2024): $378,316
- Percent change: 8.6 percent
If you've noticed a change in the New Jersey housing market recently, there's a reason. According to a recent report from Redfin, a digital real estate company, the market is returning to pre-pandemic normals; From 2023 to 2024 home prices increased 16.4 percent in the Newark area, and 12.9 percent in the New Brunswick area.
At the same time, New Jersey is among three states facing a particularly elevated risk of housing market decline, according to a recent report by data curator ATTOM based on several measures from the fourth quarter of 2023.
The report shows that New Jersey, along with California and Illinois, had some of the highest concentrations of at-risk markets nationwide, with the three states accounting for 34 of the 50 counties considered most vulnerable to potential market drop-offs.
New Jersey counties listed among the most at-risk included: Essex, Ocean, Passaic, Sussex, Union, Camden and Gloucester.
Source: patch.com
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