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New Jersey has always been seen as a desirable place to live, but right now it is more popular than ever. There are several reasons why.
New Jersey’s real estate market has been experiencing a surge in demand ever since 2021. “For many home buyers, the pandemic caused a shift in priorities in both personal health and work,” says Joana Iliescu, Sales Associate at ERA Justin Real Estate, “Those changes directly affected where they are choosing to live.”
The Work From Home trend that started during the pandemic is a lingering factor in today’s real estate market. Suburban home sales are as strong as ever as more and more people have “hybrid” employment, working a few days from home and commuting to the office for the rest. This puts New Jersey in a particularly popular position due to its proximity to major metropolitan areas like New York City and Philadelphia.
“People can easily work in the big cities, without having to live in the cities,” notes Jennifer Darby Metzger, Broker/Owner of ERA Justin Real Estate, “Many former city dwellers love Bergen County because it’s close to New York, but still feels like a world away.”
Low mortgage rates helped spike home sale numbers in 2021, but the higher interest rates of today are not slowing down transactions nor bringing down prices. The average single family home price in New Jersey is currently $357,000. That’s up 12.5% since last year. The rise in prices is due to the low number of existing homes on the market, resulting in high demand.
“Another reason for the high demand,” says Iliescu, “are the traditional reasons many people choose to move out of cities and into suburban or rural areas: more space, excellent schools and a lower cost of living. Plus, there are a wide range of activities to take advantage of across the state.”
“Here in New Jersey we have beaches for summer swimming, mountains for winter skiing and Broadway just over the river. What more could you ask for?” asks Iliescu.
If you’re looking to move out of a city – or looking to sell your home to someone who might be – Joana Iliescu or any of the knowledgeable agents at ERA Justin Realty can help. Give us a call at 201-939-7500 or pop into our office at 46 Chestnut Street in Rutherford.
