NJ Home Prices Leap in 2023

It’s a great time to sell a house in New Jersey.

Home prices across the state went up significantly in 2023, and are continuing that trend so far in 2024.

“According to the New Jersey Real Estate Network, New Jersey earned the 4th highest percentage increase across the country last year,” says Ilene Harpuder, Sales Associate at ERA Justin Realty.

NorthJersey.com reports the New Jersey Real Estate Network ranked states after analyzing data from Zillow on sales across the country from January 2023 to December 2023. The analysis shows New Jersey’s home prices went up 7.43% over those 12 months. In comparison, the average price increase for single family homes nationwide was 3.5%.

New Jersey comes in behind New Hampshire at #3, Maine is #2 and Connecticut is in the top spot with the highest percentage increase in home prices.

“The analysis shows prices went up the most in these states for a host of reasons,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “Some of those reasons include job growth and more people wanting to move to the area. Many New York City dwellers moved to the suburbs in New Jersey or north to New England in recent years. Supply and demand always drives prices up.”

On the opposite end of the sales spectrum, the states showing the biggest decreases in real estate prices are Louisiana, Idaho, Texas, North Dakota and Nevada.

“Any decrease in price is unusual,” says Harpuder, “In the past 5 years homes across the country have seen a more than 50% increase in appreciation. The biggest jumps were during the pandemic years.”

“Last year New Jersey also had the second highest home price increase in the nation by dollar amount,” says Metzger. “The average home price is now more than $495,000 dollars. That’s more than $34,000 up over 2022.”

This is great news for sellers. But there is good news for buyers too. Mortgage prices are dipping below 7% again, which helps buyers afford the monthly payments on rising sale prices.

If you’re getting ready to sell and want to see how much your home is now worth, Ilene Harpuder or any of the knowledgeable agents at ERA Justin Realty can help. Give us a call at (201) 939-7500 or pop in at 46 Chestnut Street in Rutherford.