With 2019 coming to a close and 2020 right around the corner, you might be thinking about settling down, starting a family and investing in a cozy new home. If you are looking to settle down in New Jersey, then you might want to know what the real estate market may look like. Knowing the housing forecast for real estate in the garden state can help you put your best foot forward.
Luxury homes in the New Jersey real estate market don’t seem to be a hot seller
The median price for a home in New Jersey is approximately $338,000, as of October 2019. In fact, home values have seen an increase by more than 10% since 2018, when the average median price was close to $320,000.
With this increase has come fewer “sold” signs in front of luxury homes. Because of the state’s Tax Cuts and Jobs Act enacted in 2018, New Jersey’s total state and local taxes were deducted to $10,000. Additionally, more prospective homebuyers are interested in investing in homes that make it easier for work or home commutes like downtown Jersey City or Hoboken. These neighborhoods are more appealing with a 20 minute or less commute over buying a house in Monmouth County which is over an hour from New York City, Philadelphia and other busy hubs.
Economy in New Jersey is on the rise
As of mid-2019, New Jersey has seen a boom in company hires, resulting in a lower unemployment rate of 3.0%. This puts the state under the national 3.2% average for men and women.
One explanation for this thriving economy? An increasing number of both existing companies and start ups are coming to New Jersey, resulting in fewer industrial business vacancies. With more jobs available, more housing is needed, therefore making the rise in New Jersey’s real estate increase.
New Jersey has some top spots to consider when buying real estate
From the top of the state’s Sussex County down to where the gamblers unite in Atlantic City, there is no shortage of wonderful places to live in New Jersey. In the new year, checking out any of the following neighborhoods might be a wise decision:
-Monmouth County- neighborhoods in Monmouth County and specifically shore towns like Belmar, Lake Como and Asbury Park are appealing to some homebuyers who desire more of a beach feel and relaxed home by the beach
-Hoboken and Jersey City As mentioned above, towns like hoboken and Jersey City are just a bridge away from the city so working and commuting to and from would be a breeze!