This NJ town is one of the hottest real estate markets in the US

The real estate market has cooled in many parts of the country with higher mortgage interest rates helping slow things down, but in New Jersey, and one town in particular, the market is still red hot.

As reported by NJ.com, Realtor.com tracks supply and demand to determine which markets are still are hot and which are not. Realtor.com determines demand based on unique views of properties on Realtor.com, and supply through the number of days a property has been actively listed on Realtor.com. These two scores are then averaged to create a hotness score, and then ranked.

The fourth hottest market in the whole country is in New Jersey: the tony suburb of Montclair, where the median listing price for a home is $844,250.

Montclair is not the only New Jersey town to make the list, however; there are three other Garden State markets in the top ten.

At fifth is Basking Ridge, where the median listing price is an eye-popping $1,009,750. Of course, that means that half the listings are higher than a million dollars.

Ranking eighth nationally is Mt. Laurel in Burlington County; the median listing price is $296,225.

Michael Vi

Bergen County’s Ramsey Borough is the tenth hottest market nationwide, and its median home listing price is $712,425.

Here are some real estate facts about the real estate market in New Jersey, courtesy of Redfin:

🏡 Home prices: as of January, 2024, home prices in New Jersey saw a year over year increase of 15.9% with the median sale price for all home types reaching $494,300.

🏡 Housing supply: the number of homes for sale in January 2024 was 20,608, which is a decrease of 16.4% compared to the previous year.

🏡 Market demand: about 48.3% of homes sold above the list price in January 2024, indicating a competitive market with likely multiple offers on homes.

🏡 Construction trends: single-family home construction saw a modest increase in 2023, while multifamily home construction decreased significantly.

These NJ town are getting poorer

In these 20 municipalities in New Jersey, the median household income has decreased or grown the least in a decade. The data is based on U.S. Census' American Community Survey 5-Year Estimates for the years 2012 and 2022.

Gallery Credit: Erin Vogt

NJ towns with the biggest increases in wealth

Top 20 municipalities in New Jersey where the median household income has grown the most in a decade. The data is based on U.S. Census' American Community Survey 5-Year Estimates for the years 2012 and 2022.

Gallery Credit: New Jersey 101.5

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

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