New Jersey is known for its strong sense of community, proximity to New York City, top-rated schools, waterfront views, and much more. The widely loved Garden State offers an incredible variety of residential homes for sale from luxury waterfront estates to affordable single-family homes.
New Jersey Residential Properties
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New Jersey Residential Property Market Trends
Residential homes in New Jersey average in price wise at around the $500,000 mark with many listings and different property types. You can just imagine how affordable many of these may be.
New Jersey remains a seller’s market with the inventory for single-family homes down 30.3% from last year.
The month’s supply of residential single-family homes has shrunk down to 2.2 months. This is referring to the number of months it would take for current home inventory to sell given current sales prices.
New Jersey residential homes for sale values have gone up 17.2% over the past year.
While apartment complexes or high-rise apartments are the single most common housing type in Jersey city - duplexes come in close second.
Market Forecast
Residential home values in Jersey City - the second most populous city in New Jersey - have gone up 5.5% and do not look like they will be stopping any time soon in 2022.
Jersey City real estate has appreciated by 115% over the last decade which is equivalent to an annual appreciation of around 8%. This places Jersey City in the top 10% of all cities nationally in real estate appreciation.
Knowing all of this, this makes Jersey City undoubtedly one of the best long-term real estate investment locations in the country over the last decade.
New Jersey Residential Property Highlights
While residential homes have an average selling price of around $500,000, the important thing to note is the wide range in property type and price which offers anyone and everyone the home options of their dreams.
Starting off at the most extreme of luxurious comes the beautifully elegant estates in New Jersey that are simply meant to make you feel like royalty.
With homes upwards of $13 million - it’s no doubt that New Jersey residential real estate is meant for those trying to make the most out of their New Jersey experience.
Luxury residential homes range from stunning waterfront properties to towering ancestral homes that are culturally, historically, and architecturally significant.
Sitting on hundreds of acres of pure beauty, many New Jersey residential estates truly boast the best of pure elegance and serenity.
While smaller single-family homes offer gorgeous constructions perfect for families looking to settle down in.