The home you bought 10 years ago might actually be worth less today.

The average price of the 71,000 homes sold in the state last year was $394,591. That's an anemic 1 percent increase over the average price in 2007. But when you account for inflation, the average home sale price actually dropped 14 percent.

Average sales prices, adjusted for inflation, declined in 531 municipalities compared to a decade ago. Prices went up in just 23 towns, according to a New Jersey 101.5 analysis of state data.

You can find and compare your municipality's change in average sales price in the interactive map below.

"That's really one of the worst performances in the entire country," said Jeffrey Otteau, president of Otteau Valuation Group in Matawan.

Top 20 biggest house price drops

20. NEWTON — Warren County
— 2017 # of sales: 58
— 2017 Average price: $194,528
— 2007 # of sales: 58
— 2007 Average price: $289,755
— % change w/ inflation: -42.8%

19. SHREWSBURY TWP — Monmouth County
— 2017 # of sales: 7
— 2017 average price: $154,214
— 2007 # of sales: 6
— 2007 average price: $230,083
— % change w/ inflation: -42.9%

18. BOONTON TWP — Morris County
— 2017 # of sales: 50
— 2017 average price: $645,208
— 2007 # of sales: 14
— 2007 average price: $976,243
— % change w/ inflation: -43.7%

17. BASS RIVER TWP — Burlington County
— 2017 # of sales: 6
— 2017 average price: $176,883
— 2007 # of sales: 12
— 2007 average price: $269,142
— % change w/ inflation: -44.%

16. HILLSIDE TWP — Union County
— 2017 # of sales: 128
— 2017 average price: $226,621
— 2007 # of sales: 237
— 2007 average price: $346,272
— % change w/ inflation: -44.2%

15. HARDING TWP — Morris County
— 2017 # of sales: 45
— 2017 average price: $1,020,069
— 2007 # of sales: 35
— 2007 average price: $1,568,771
— % change w/ inflation: -44.6%

14. WHARTON BORO — Morris County
— 2017 # of sales: 22
— 2017 average price: $240,927
— 2007 # of sales: 96
— 2007 average price: $373,112
— % change w/ inflation: -45.%

13. PATERSON CITY — Passaic County
— 2017 # of sales: 192
— 2017 average price: $225,188
— 2007 # of sales: 400
— 2007 average price: $355,644
— % change w/ inflation: -46.1%

12. ESTELL MANOR CITY — Atlantic County
— 2017 # of sales: 8
— 2017 average price: $189,288
— 2007 # of sales: 6
— 2007 average price: $299,583
— % change w/ inflation: -46.2%

11. WILDWOOD CITY — Cape May County
— 2017 # of sales: 175
— 2017 average price: $210,315
— 2007 # of sales: 94
— 2007 average price: $338,671
— % change w/ inflation: -47.1%

10. EGG HARBOR CITY — Atlantic County
— 2017 # of sales: 22
— 2017 average price: $127,827
— 2007 # of sales: 49
— 2007 average price: $207,847
— % change w/ inflation: -47.6%

9. TRENTON — Mercer County
— 2017 # of sales: 167
— 2017 average price: $66,637
— 2007 # of sales: 885
— 2007 average price: $108,370
— % change w/ inflation: -47.6%

8. PLEASANTVILLE — Atlantic County
— 2017 # of sales: 60
— 2017 average price: $109,851
— 2007 # of sales: 320
— 2007 average price: $180,612
— % change w/ inflation: -48.2%

7. MOONACHIE BORO — Bergen County
— 2017 # of sales: 4
— 2017 average price: $289,250
— 2007 # of sales: 15
— 2007 average price: $476,640
— % change w/ inflation: -48.3%

6. VENTNOR CITY — Atlantic County
— 2017 # of sales: 90
— 2017 average price: $281,528
— 2007 # of sales: 226
— 2007 average price: $468,523
— % change w/ inflation: -48.8%

5. VICTORY GARDENS — Morris County
— 2017 # of sales: 12
— 2017 average price: $169,742
— 2007 # of sales: 12
— 2007 average price: $284,794
— % change w/ inflation: -49.2%

4. WOODLYNNE BORO — Camden County
— 2017 # of sales: 6
— 2017 average price: $68,250
— 2007 # of sales: 67
— 2007 average price: $118,071
— % change w/ inflation: -50.8%

3. IRVINGTON — Essex County
— 2017 # of sales: 30
— 2017 average price: $149,163
— 2007 # of sales: 187
— 2007 average price: $280,114
— % change w/ inflation: -54.6%

2. SALEM CITY — Salem County
— 2017 # of sales: 6
— 2017 average price: $53,250
— 2007 # of sales: 25
— 2007 average price: $106,820
— % change w/ inflation: -57.5%

1. ATLANTIC CITY — Atlantic County
— 2017 # of sales: 182
— 2017 average price: $123,865
— 2007 # of sales: 548
— 2007 average price: $258,457
— % change w/ inflation: -59.2%

Statistics from Otteau's office show that a home selling in 2017 would earn 10 percent less than if the same home had sold in 2006. It's important to note, however, that home-price appreciation saw double-digit percentage increases for a number of years at the beginning of the century, he said.

"This has less to do with a fundamental shift where households no longer desire to own their homes, and more to do with the subpar economic performance in New Jersey because of it being a very high-cost and high-tax state," Otteau said.

While the nation's seeing appreciation in the area of 7 percent on an annual basis, New Jersey's price increase landed at 3.5 percent in 2017 and 3.3 percent in 2016, federal data show.

A strengthening economy should deliver further price upticks in New Jersey, with an assist from "very, very low inventory levels," Otteau said.

Handling listings in Monmouth and Ocean counties, broker/owner Randi Dickman with eXp Realty said an inventory shortage is a concern for 2018 as well. Many people who purchased homes between 2004 and 2008 have little to no equity, meaning they don't necessarily have the option to put their home on the market and "move up to the next house."

According to Dickman, a rash of foreclosed homes hitting the market could put a dent in home prices. The Garden State in 2017 reached an 11-year-high in the number of homes repossessed by lenders. New Jersey had the highest rate of foreclosure activity among the 50 states and D.C. in 2017.

Dickman said it's anticipated New Jersey has to wait until 2021 to return to 2005 prices.

Home sale prices in New Jersey

Click on a town to see average home sale price changes over the years. Deeper red = Bigger inflation-adjusted drop. Deeper green = Bigger inflation-adjusted increase.

To contact an editor about this story, email New Jersey 101.5 Deputy Digital Editor Sergio Bichao at sergio.bichao@townsquaremedia.com

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