New Jersey, also referred to as the Diner’s capital of the world has the highest population density in the U.S. Also it has the 2nd highest median price of the listed homes among its neighboring states i.e., New York, Pennsylvania and Delaware.
According to Zillow, the Median price of homes currently listed in New Jersey is $289,900, a little cheaper than New York. While the median home value is estimated to be $311,100. Also, the median rent price in New Jersey is $1,875.
Home values in New Jersey have gone up by 4.3% and are expected to rise slowly and steadily in the upcoming years. Investing in New Jersey real estate in the coming months can be profitable.
As the great depression saw its end in 2012, the values of real estate are on the rise since. In 2016, the real estate market of New Jersey saw a growth of 3.2% over the previous year. Following the trend, the value continued to increase by 4.5% in 2017.
According to predictions, the growth is expected to continue steadily over the coming years. Expect a slow but steady increase in the ROI if you are planning to invest.
New Jersey real estate – 2018 Forecast
According to experts, the increasing tenant demand for e-commerce and industries will continue to push the real estate values higher than before. A lack of quality assets is also going to play a factor in pushing the prices further.
However, the growth rates are spread intermittently across the cities of New Jersey. While some cities have seen an Y-o-Y (year over year) growth as high as 24%, contrary to which, some cities have also seen a decline of 5%.
Altogether, the number of cities having a positive growth is in the majority.
According to HomeSnacks, Hoboken is the 6th most expensive city in New Jersey. The growth rate of Hoboken real estate is quite positive. With a growth rate of 9.3% over the past year, it attracts a lot of investors.
According to Zillow, The median price of homes currently listed in Hoboken is $849,948, higher than the average for New York. However, the median rent price in Hoboken is $2,700, lower than the New York Metro, attracting the working people of Manhattan.
Zillow predicts a growth of 3.2% in the home values by the end of the year 2018.
Weehawken Real Estate Trends:
Located to the North of Hoboken, Weehawken real estate benefits from the saturation in Hoboken. The median home value of Weehawken is estimated at $843,100 and is expected to rise by 5.5% within the next year.
Another thing worth noting is the high growth rate of home values in the past year, which is 23.7%.
The median home value of Union City is $369,200, way lower than Weehawken and Hoboken. Zillow concludes that the real estate market in Union City is even hotter than Hoboken.
The growth rate is 8.2% over the past year and predicted to rise by 3.1% by the next year. The current median price of listed homes is $399,450, while the median rent price is $1,975, approximately $1000 cheaper then New York Metro.