Back in January we wrote about the benefits to New Jersey of having a strong New York City real estate market. The upside was clearly being felt.
We wrote, “What’s good for Brooklyn is good for New Jersey”.
All of the outlying boroughs of New York City were enjoying benefits in their real estate values, with Brooklyn reaping huge appreciation.
Brooklyn real estate market climbed by 2.7% to $770,000 in the fourth quarter of 2017.
New Jersey’s properties tracked with Brooklyn, with an increase of nearly 2% and hitting an average price of $375,000 in 2017.
It’s all about housing shortages and the inability of the construction industry to keep up with demand. The primary beneficiaries of this trend seem to hit New Jersey’s counties of Union, Bergen and Passaic.
But now there’s another wrinkle to the overall New Jersey housing market: Philadelphia continues to boom, according to a Pew Research Center.
The Pew study indicates that economic indicators are mostly positive for the City of Brotherly Love.
According to its most recent figures, Philadelphia had a monthly average of 716,000 jobs in 2017. This is the second year in a row that Philadelphia added more jobs at a faster rate than the entire nation did as a whole.