Cooler temperatures on the horizon, however, the NJ housing market remains hot!
As the summer heat fades and crowds at the Jersey Shore move on, attention shifts from corn and tomatoes to pumpkin patches and apple picking.
Welcome to Fall in New Jersey.
While temperatures may be cooling, the New Jersey real estate market is still running hot. Many regions have experienced an increase of 24% to 36% in average sale prices versus the same time a year ago.
It’s easy to understand why: low inventory and thousands of buyers looking to upgrade, update, or expand their living space in the combined pandemic/work-from-home environment.
Major employers in both New York City and throughout New Jersey’s pharma and tech corridor are all targeting an eventual return-to-the office as standard practice. However, that transition back to offices will be tied to vaccination mandates and employee expectations for flexibility and hybrid work schedules. As a result, with an overall expectation of ‘more time at home, less time in the office,’ the demand for attractive work/live space remains high. Additionally, the pandemic triggered moves outside of the city for many people, especially couples who decided to take the leap, get a home and start a family. At Station Cities, we’ve had a front row seat to this dynamic real estate market, closing 75% more home sales in the first and second quarters of 2021 than during the same time period in 2020.
Knowing New Jersey will remain a highly-desirable potential homeowner destination now and through post-pandemic, we’re looking ahead to the fall quarter and here’s what we’re seeing:
- With a gradual pick-up in corporate relocation, as borders open, vaccination rates increase, and ‘backed up’ requests for staffing get acted on, we’re seeing more people move into the state and with firmer move dates than we’ve seen in a year. Traditional ‘commuter’ suburbs are the typical markets of interest for first-time residents of New Jersey, often with jobs in New York
- Traditional ‘commuter’ suburbs will remain the typical markets of interest for first-time residents of New Jersey, commonly those still working in New York City.
- Continued high demand in the ‘name brand’ suburbs such as Ridgewood, Montclair and Summit. Buyers may recognize the names and want the familiar, but they are paying a steep price in these low-inventory markets, where multiple bids on properties are common.
- Emerging markets for savvy buyers. Check out the full story on njmonthly.com. We’ve captured a few towns of interest here, for reasons of accessibility, affordability, and appeal:
- Bayonne – yes, that Bayonne – an easy commute to NYC and undergoing major redevelopment.
- Jefferson Township – beautiful and bucolic. A more challenging commute, but a great choices for the full time WFH professional and family
- Somerville – small-town feel, walkable with cafes, points of interest and great transit options. Commutable to major local employers while still enjoying the benefits of living in a historic village.
New Jersey is full of appealing towns and villages, some hidden gems and some higher profile bustling cities. There is a variety of housing, commute and lifestyle options here to appeal to every prospective new resident. Contact us at 201-356-3492 to learn more about New Jersey in the fall. There has never been a better time to explore all the Garden State has to offer.
By Pamela Roman, Managing Broker, New Jersey