New Jersey Real Estate Trends - A New Way to Look at New Jersey Realty
Recent trends in New Jersey real estate indicate that prices have evened out as buyer’s and seller’s negotiate a new understanding of the value of property in the modern economic climate. Between the end of 2011 and April of 2012, the average price for a condo or townhouse in New Jersey went from $285,000 to $290,000. Single family homes, both in and out of the city, averaged a list price of $472,000 at the end of last year and seller’s are now asking an average of $483,000. With approximately 71% of the market share, single family homes and townhouses/condos constitute the foundation of the New Jersey real estate market.
While the seller’s of single family homes and condos/townhouses seem to have agreed upon the correct price point for New Jersey real estate, evidence indicates that buyer’s still expect to get great value for their money. Over the past 5 months, the average sale price of a single family home in New Jersey has been $348,000, 8% below the average list price. In the condominium market, the average sale price is $265,000, almost 27% below the asking prices.
New Jersey Real Estate:
Largest Increase in Listing Price
| City | 3 mo. | |
|---|---|---|
| Atlantic City, NJ Real Estate | 42.54% | |
| Wall, NJ Real Estate | 18.75% | |
| Point Pleasant, NJ Real Estate | 13.44% | |
| Elmer, NJ Real Estate | 10.36% | |
| Elizabeth, NJ Real Estate | 8.97% |
New Jersey Real Estate:
Largest Decrease in Listing Price
| City | 3 mo. | |
|---|---|---|
| Ringwood, NJ Real Estate | 18.76% | |
| Ventnor City, NJ Real Estate | 10.85% | |
| Jersey City, NJ Real Estate | 8.82% | |
| Salem, NJ Real Estate | 7.81% | |
| Waretown, NJ Real Estate | 6.25% |
Most Expensive New Jersey Homes for Sale by City
| City | Median $ | 3 mo. | |
|---|---|---|---|
| Avalon, NJ Homes for Sale | $2,194,519 | 1.23% | |
| Franklin Lakes, NJ Homes for Sale | $1,703,434 | 3.16% | |
| Mendham, NJ Homes for Sale | $1,455,750 | 0.00% | |
| Long Beach Township, NJ Homes for Sale | $1,453,829 | 1.99% | |
| Princeton, NJ Homes for Sale | $1,265,809 | 1.25% |
Least Expensive New Jersey Homes for Sale by City
| City | Median $ | 3 mo. | |
|---|---|---|---|
| Camden, NJ Homes for Sale | $66,117 | 1.06% | |
| Salem, NJ Homes for Sale | $110,950 | 7.81% | |
| Irvington, NJ Homes for Sale | $113,342 | 0.41% | |
| Trenton, NJ Homes for Sale | $119,983 | 0.30% | |
| Pleasantville, NJ Homes for Sale | $127,451 | 1.27% |
Top 5 New Jersey Cities for Families
| City | Homes with Children |
Crime vs. Natl. Avg. |
|---|---|---|
| Lakewood, NJ Local Info | 61.00% | 2.58 |
| Tenafly, NJ Local Info | 56.00% | 0.18 |
| Glen Rock, NJ Local Info | 50.00% | 0.13 |
| Ridgewood, NJ Local Info | 50.00% | 0.16 |
| Marlboro, NJ Local Info | 48.00% | 0.04 |
Top 5 New Jersey Cities for Singles
| City | Unmarried | Female to Male |
|---|---|---|
| New Brunswick, NJ Local Info | 82.00% | 49% / 51% |
| Asbury Park, NJ Local Info | 80.00% | 54% / 46% |
| Camden, NJ Local Info | 80.00% | 53% / 47% |
| Hoboken, NJ Local Info | 80.00% | 48% / 52% |
| Bridgeton, NJ Local Info | 79.00% | 42% / 58% |
Largest Increase in Listing Price Methodology
This chart uses the median listing price of cities with at least 100 active property listings to calculate the largest percentage increase in median listing prices for single family homes over a three month period.
Largest Decrease in Listing Price Methodology
This chart uses the median listing price of cities with at least 100 active property listings to calculate the largest percentage decrease in median listing prices for single family homes over a three month period.
Most Expensive Homes for Sale by City Methodology
This chart uses the median listing price of cities with at least 100 active property listings to retrieve the cities with the five highest median listing prices of single family homes. In addition, the median listing prices are used to calculate the associated increase or decrease in median listing price as a percentage over a three month period.
Least Expensive Homes for Sale by City Methodology
This chart uses the median listing price of cities with at least 100 active property listings to retrieve the cities with the five lowest median listing prices of single family homes. In addition, the median listing prices are used to calculate the associated increase or decrease in median listing price as a percentage over a three month period.
Top 5 Cities for Families Methodology
This chart displays the top five cities with a population of at least 10,000 that have the highest percentage of homes with children and the lowest crime rate. Crime rate is determined by comparing each city's crime rate index against the national crime rate index, which equals 100. A number lower than one indicates less crime than the national average, while a number greater than one indicates more overall crime than the national average.
Top 5 Cities for Singles Methodology
This chart displays the top five cities with a population of at least 10,000 that have the highest percentage of unmarried people. An unmarried person is defined as someone who was never married, is separated, or divorced.