Housing prices are booming in certain NJ towns
Ever since the Great Recession began more than a decade ago, the New Jersey housing market has been facing significant struggles. But it finally looks like things are turning around.
“Here in New Jersey, inventory is low, which is driving prices up slightly over the last several months,” said Jarrod Grasso, the CEO of the New Jersey Association of Realtors.
He said several parts of Central Jersey are experiencing a hot market.
“In Monmouth County you’re seeing the median sales price of single family homes about $408,000, that’s up 4.6 percent, Manalapan Township alone, the median sales price is $485,000. That’s up 12 percent.”
At the same time, he noted the average number of days for homes to be on market in Monmouth is down 4 percent.
Grasso added in Ocean County the median sales price for a single family home is $299,000, which is up almost 7 percent.
“The median sales price in Brick Township is at $280,500. That’s up almost 6 percent.”
Rob Dekanski, a realtor with Re/Max 1st Advantage, agrees.
“Across the state prices year-to-date are up a little bit over 6 percent; total sales are up nearly 5 percent," he said.
“There’s less homes to choose from, they’re selling faster, they’re selling for more, and more of them are selling.”
Dekanski pointed out there are several “hot” markets all over the state , including Asbury Park, “where in 2017 it saw a 35 percent home value appreciation, year over year. Total number of sales are up 19 percent.”
He said the average days on the market for a home in Asbury Park is down 56 percent.
And other areas in Central Jersey are also selling like hotcakes.
“We’re seeing East Brunswick up a little bit over 6 percent, Bridgewater up 5 percent, Jackson is up over 6 percent, Holmdel is up about 5 percent.”
Dekanski said excellent school systems and proximity to job hubs, including New York, Philadelphia and Princeton, are key reasons why these towns and others are doing so well.