We recently reported: New Jersey’s population broke the 9 million person mark this year. Obviously the strong economy that we experienced for the last 2 years has contributed to some of this.
But there are a few facts that are moving the needle forward, especially in the case of New Jersey real estate. New Jersey has seen a marked increase in home sales; even though the national numbers have dipped, New Jersey hasn’t.
Other factors changing the dynamics of the Jersey real estate market includes entrance of the first-time home buyer. As compared to Queens, Brooklyn, Westchester and Connecticut, New Jersey is seen as a value market, especially when it comes to its educational system, which ranks tops in the nation.
Proximity is also a value seen by newly formed families: good neighborhoods, good schools, and its transportation infrastructure.
In a comparison with the New York boroughs, New Jersey is starting to look good again.
But Brooklyn, for the first time, seems to be losing people. In 2017, according to a report, it lost 2,000 people. But what was happening in New Jersey is that in 2017, the population migration shifted and it is basically flat right now. Brooklyn prices are surging out of reach, especially for the first-time home buyer. One report shows that the average sales price for a Brooklyn home was $788,000, while the average price for a Queens home came in at $452,000.
Brooklyn also showed a 9.6% increase in the average median home value. Zillow is reporting that this is expected to continue to rise throughout 2018 by 6.6%.
What is especially attractive is that certain counties, such as Monmouth, show a renaissance of businesses and attractions, including the Arts Center and the new Monmouth Medical Center 10-story expansion.
And everyone knows that Asbury Park real estate is booming.
Even the Monmouth Mall is set for a complete redevelopment.
Other important metrics contributing to New Jersey’s economic stability include:
■ New Jersey’s job growth, in the past 12 months, climbed from 39th in the nation, to 25th in the nation according to the US Bureau of Labor Statistics.
■ Consumers are in better financial shape, with 3.7% of New Jerseyans showing that debt balances were down significantly in the second quarter of 2017.
■ The median household income climbed to $76,126, which is third in the nation, an improvement from just one year ago when it was fifth in the nation.
■ According to the New Jersey Realtors, the median sales price for a single-family home in Monmouth County climbed to $416,000.
Stay tuned for more.