NJ home prices surge to 8th highest in nation

Holy fast lane are New Jersey home values skyrocketing! It was only earlier this year when data showed New Jersey real estate prices moved up to 9th highest in the nation. Now we just beat our own record.

According to the most recent data from Zillow for September, the Garden State is now 8th in the United States for highest home prices. The typical value moved to $494,792. That’s a 6.19% increase year over year. And the second steepest jump in the country.

If you’re selling your home, you’re gleeful. If you’re a buyer, you’re mortified. Mortgage rates and lack of inventory have made it a Herculean task to find an affordable home.

I feel especially bad for young couples who are only trying to find a starter home for several years before they begin a family. The threat of buying so high and risk having the bubble burst has to weigh heavily in their decision making.

States with the most expensive homes

If you’re wondering how we stack up to other states, here’s who has even more expensive homes than us.

8️⃣ New Jersey $494,792

7️⃣ Utah $507,814

6️⃣ Colorado $535,928

5️⃣ Washington $571,248

4️⃣ Massachusetts $590,852

3️⃣ District of Columbia $613,969

2️⃣ California $747,352

1️⃣ Hawaii $842,908

Nationwide the typical home value is $348,539.

Others feeling the pinch

It should be remembered that with prices surging this high, renters are also feeling the burden. Just since 2020, rents in the majority of New Jersey counties skyrocketed by up to 40%.

Pew research in 2020 showed for the first time since the Great Depression the majority of adult children aged 18-29 were living at home with their parents. New Jersey has long been the number one state for that. This latest housing report is just another reason why.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.

You can now listen to Deminski & Doyle — On Demand! Hear New Jersey’s favorite afternoon radio show any day of the week. Download the Deminski & Doyle show wherever you get podcasts, on our free app, or listen right now.

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