Market Trends

New Jersey Home Price Increases Show How the Pandemic Affected Real Estate – InsideHook

In the final 12 months, the pandemic has prompted some to rethink their dwelling preparations. For some, that’s meant dramatic shifts from city to rural life; for others, it’s concerned in search of out extra space in a suburban setting. Just how a lot the pandemic has affected the nation’s actual property market remains to be an ongoing concern — and provided that the pandemic remains to be a priority, this story is way from over. But information from one state provides a microcosm of how the final 12 months has shifted actual property dramatically.

The state in query? The place the place pork roll and Taylor Ham are debated with a Socratic depth — New Jersey. (Full disclosure: I grew up in central Jersey; additionally, central Jersey completely exists.) A brand new report from Alison Preis at in contrast single-family dwelling costs within the Garden State from the primary quarters of 2021 and 2020 and located a startling improve in what dwelling patrons are paying.

This information comes from New Jersey Realtors, a commerce affiliation based mostly within the state. “The average home price for the first quarter of 2021 was $500,628 or 24% more than the $403,785 for the first quarter of 2020,” famous Preis.

Coldwell Banker Realty’s Robert White identified that many houses are promoting for greater than their asking value. “[T]hat is forcing values to increase because appraisers are coming out and appraising at those higher numbers,” he stated. The course of reveals the domino impact of a sizzling actual property market, with numerous components — corresponding to patrons making provides over the asking value to safe a home — contributing to the upper costs. It provides would-be dwelling patrons — and residential sellers — loads to consider.

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