Home Prices in NJ are Rising!

Dated: February 2 2023

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The price of a single family home in New Jersey rose in 2022 but gains were single-digit after two years of double-digit growth, according to data from New Jersey Realtors.

The median sales price statewide in December was $455,000, up 3.4% from January 2022, when it was $440,000.

The median sales price in New Jersey peaked in 2022 during June and July, when it was $510,000.

In a comparison of median sales price data from January 2022 and December 2022, NJ Advance Media found that the median sales price was lower in five counties – Burlington, Cape May, Hunterdon, Morris and Sussex counties. And they were the same in Middlesex County.

Cape May saw the biggest price decline in the state. Median home prices there went from $588,450 to $482,450, down 18%.

“Those numbers do not surprise me but they deserve a little analysis and drill down,” said Bob Rich, broker at Coldwell Banker James C. Otton Real Estate with offices in Middle Township, Stone Harbor and Avalon. “At the county level, it doesn’t surprise me because of the lack of industry and year round population.”

Rich said more residential places like Lower Township, Villas and Woodbine are not performing as well as places like Avalon and Stone Harbor.

Salem, Cumberland, Union and Atlantic counties saw the biggest percent increase in median prices from January to December.

Salem saw the largest jump in median sales prices, going from $179,750 to $242,500, a nearly 35% increase.

“One of the pushes there is new construction in Woodstown,” said Kirsten Oravec of Home Smart Realty in Mullica Hill. “That hasn’t happened in years. And they’re 3,200-square foot plus homes. They’re replicating and mirroring Mullica Hill and South Harrison Township.”

Good schools and plenty of land are bringing people down from Haddonfield, Moorestown and even New York, she said.

“They’re getting more for their money and it’s becoming more competitive because there’s still a shortage of houses,” Oravec said.

Here are the median sales prices for each of New Jersey’s 21 counties in January and December 2022 and the percent those prices changed, according to New Jersey Realtors data.

Atlantic – $299,500 to $335,000 – 11.8%

Bergen – $590,000 to $645,000 – 9.3%

Burlington – $325,000 to $310,000 – (-4.60%)

Camden – $270,000 to $287,700 – 6.5%

Cape May – $588,450 to $482,450 – (-18%)

Cumberland – $185,000 to $235,000 – 27%

Essex – $512,500 to $527,500 – 2.9%

Gloucester – $285,000 to $305,000 – 7%

Hudson – $465,000 to $487,500 – 4.8%

Hunterdon – $520,000 to $490,000 – (-5.76%)

Mercer – $367,500 to $400,000 – 8.8%

Middlesex – $450,000 to $450,000 – 0%

Monmouth – $580,000 to $615,000 – 6.03%

Morris – $580,000 to $577,500 – (-0.43%)

Ocean – $459,000 to $487,000 – 6.10%

Passaic – $430,000 to $471,050 – 9.54%

Salem – $179,750 to $242,500 – 34.9%

Somerset – $541,000 to $600,000 – 10.9%

Sussex – $333,500 to $330,000 – (-1.0%)

Union – $460,000 to $530,000 – 15.2%

Warren – $320,000 to $332,500 – 3.9%

Allison Pries | NJ Advance Media NJ.com

Source: NJ.com

 

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Karolina Cuprys

Listing Agent - Buyer’s Agent - Consultant - Marketer - Homeowner - Investor - LandlordAfter a successful 20 year career as a television sales and marketing executive, I decided to pursue my pas....

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