As we move deeper and deeper into 2018, the real estate climate continues to show signs that it will continue its push higher for the next 12 months. 
Everything appears to point to a very tight market: with closed sales and new listings for the most part keeping pace with the demand, houses are getting nearly 100% of the asking price, and the days on market continues to shorten dramatically, rents are holding, and the short supply of skilled labor (for new construction projects) appears to be at a critical point.
Renters are turning into buyers as occupancy rates fall. According to myapartmentmap.com, a studio apartment in New Jersey goes for an average of $1,408, per month which is $353 above the national average. The one-bedroom average price in New Jersey rents for $1,366, and that is $365 more expensive than the U.S. average. And the two-bedroom goes for an average rent of $1,757, which is $526 above the national average. The three-bedroom apartment in New Jersey rents for $2,238 per month, which is $705 above the U.S. average.
New Jersey rentals are still in demand due to its proximity to New York City, good transportation system and high quality education. In addition to its proximity to urban centers, many of New Jersey’s adjacent cities, such as Jersey City, Harrison, Newark and even Asbury Park, are clearly forging their own cultural attractions. Ridership from Harrison Station on the PATH line to World Trade Center climbed to 196,728 in December 2017 from 147,677 in December 2012.
New Jersey continues to rank as one of the most populous states, coming in at 11 overall, and its population is expected to cross the 9 million mark during 2018, with an average of 1,195.5 people per square mile. Another factor impacting New Jersey will surely be the senior real estate market. The population of U.S. adults 65 and over will double by 2060, reaching 98 million, representing one-quarter of the total U.S. population.
New Jersey’s adult market is clearly seeing a bump in activity: pending sales for November up nearly 10%, median price up 2.8%, average sales price climbing by 5.9% year-over-year, and inventory falling to a low 1997 properties, a decrease of 27.2% year-over-year.