NJ Home Prices Shot Up 6+ Percent Over Last Year, New Data Shows

Since last August, home prices rose by at least a small percentage in 37 states based on Zillow data. Generally, home prices increased most in the Northeast and Midwest, and decreased by more than 6 percent in some Western states. (Shutterstock)

NEW JERSEY— People buying a home in the Garden State are paying about $28,830 more than at this time last year, according to recently released data from Zillow.

Patch looked at how home prices have changed in every state, based on the most recent Zillow Home Value Index data released earlier in October (data goes through the end of August). And, we found that New Jersey’s typical home value rose 6.18 percent.

Since last August, home prices rose by at least a small percentage in 37 states based on ZHIV data. The highest increase was in Connecticut, a 7.99 percent increase from $352,806 in 2022 to $381,011 in 2023.

The ZHIV reflects the typical value for homes in the 35th to 65th percentile range. This data is a measure of the typical home value and market changes across a given region and housing type.

Generally, home prices increased most in the Northeast and Midwest; the biggest decreases from August to August were in Western states: Arizona (-6.06 percent), Idaho (-6.55 percent), and Nevada (also -6.55 percent).

Zillow shows that the average New Jersey home value is $494,792, the 7th-highest typical home value among all 50 states. But when looking at how much home prices changed from year to year, New Jersey was the second-highest.

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Source: patch.com