Trends to Track – The impact of the recent economic growth has many ramifications, one of which often is reflected in the real estate values throughout each region.
In 2017, New York City had 143,000 people move out. This was the first time since 2007 who there were more that moved out than moved in.
Overcrowding, high real estate costs and the ever-increasing cost of living have contributed to this.
This movement has obviously had a profound impact on the real estate values in the adjacent regions, especially in New Jersey.
Bergen, Passaic and Hudson counties obviously benefited significantly from the economic growth of the last few years.
Even New Jersey towns such as Harrison, are seeing population growth spurts of 7% year-over-year, as reported for 2017. (2018 is yet to be reported but should be in the 7-8% range.)
Year Pop Diff Percentage
2017 17,643 1,154 7.00%
2016 16,489 968 6.24%
2015 15,521 492 3.27%
2014 15,029 163 1.10%
2013 14,866 926 6.64%
2012 13,940 122 0.88%
2011 13,818 227 1.67%
2010 13,591 -833 -0.59%
Prices in Bergen County have reflected trending increases. Where single-family home median sales price in November 2015 totaled $445,000, the median sales price for a single-family home in November 2018 was $490,000.
Ocean County, New Jersey showed similar appreciation trends. In November 2015 a single-family median sales price was $273,000. In November 2018, the Ocean County median sales price for a single-family home reached $310,000.
For Monmouth County, November 2018 posted the median sales price was $435,000. In November 2015, the median sales price for a single-family home in Monmouth County was $375,000.
Cities such as Bayonne, New Jersey have seen jumps in population growth and in economic development. Since 2010, Bayonne has seen its population grow by 6.4%. Businesses are also recognizing its growth and are opening up businesses such as Starbucks and Costco. These are both the first stores of their kind in Bayonne. Is Bayonne the next Brooklyn?
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.