The 7 Hottest Real Estate Markets in New Jersey
Interested in buying a house in New Jersey right now? What’s your preferred neighborhood? And more importantly, is it within an affordable range? Is it one of the hottest real estate markets right now?
The median housing prices in New Jersey is around $312,000. But the average prices in popular neighborhoods are a lot more than this.
Which markets are the best bargains – neighborhoods that are affordable and desirable? The hottest real estate markets in New Jersey include Weehawken, Chatham Township and Rumson.
Let’s take a look at our favorite areas where houses are available in an affordable range and are hot areas.
1. Glen Ridge
Average Home Price: $668,500
Glen Ridge is an area where more than 44% people earn incomes above $200,000 annually. So it may not be affordable for some of you. But just to let you know, home values peaked in the first quarter, and now they are about to fall down. And this is why we put Glen Ridge on the list – because housing is soon going to be more affordable in this pretty borough.
Average home prices: $550,300
Moonachie is a small town, and apparently, housing prices may seem on the higher end. But compare it with other towns in the county, and you’d realize that it is actually a good deal.
Average home prices: $480,200
Haddonfield may be an expensive town in Camden Country, but home values have seemed to come to a standstill. And hence, we put this on our list because it is still an affordable real estate market in New Jersey.
4. Jersey City
Home prices: $432,800
Jersey City hsa grown drastically in the past year, and home prices have increased by 24%. Compared to other New Jersey towns, this one is definitely a bargain and a good investment opportunity, promising impressive returns.
5. Asbury Park
Average home prices: $309,100
Got a love for the shores? This is the place where you want to be then. Asbury Park is beautiful and affordable. Since the past few years, it has become an art hub, catering to many young residents.
6. New Brunswick
Average home prices: $266,000
New Brunswick is a small city, but one of the hottest real estate markets in New Jersey that has come into the limelight because of Rutgers University. Student housing, close to the campus, has increased, and is still within an affordable range.
7. Haddon Township
Average Home Prices: $253,000
Haddon Township is nestled between Haddonfield and Gloucester City. Like Glen Ridge, the locals earn more than the average New Jersey income, but then home prices are still cheap. They did increase by 10% last year, but you can get an awesome deal for around $250,000 or even less if your real estate agent has incredible negotiation skills.