New Jersey home prices are generally expected to rise for all the state’s 547 zip codes except for 10. The rest of the areas are expected to increase in value between 2.9% and 0%. This market is kind of like a slow cook, with temperatures basically remaining slightly higher, as is usually the case in the spring or to remain in the same range. Ewing, Lawnside and Camden are projected to rise by 2.9%, 2,9% and 2.8%, respectively. Avon-by-the Sea is forecast to see prices fall by 1.2%.
These projections are provided by Zillow. As in many of New Jersey’s real estate markets, inventories are not only very slim but for many, unaffordable.
In June 2019
■ New Listings were 12,150
■ Closed Sales were 8,264
■ Median Price was $349,000
■ Homes for Sale were 42,589 (single-family)
In February 2024
■ New Listings were 5,560
■ Closed Sales were 4,245
■ Median Price was $500,000
■ Homes for Sale were 12,216 (single-family)
This is truly a vastly different economic environment.
The Zillow forecast cites 48 New Jersey towns with projected gains of 2% or more.
On a national basis, the average home value is forecast to increase by 0.6% in May.