Home Values Are Heating Up in New Jersey

At a time of low mortgage rates, see if homes in the Garden State are a good deal.

Flags on a southern California street. Bill Chizek / Shutterstock

Thanks to low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in New Jersey?

Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?

Home values provide some answers. They indicate that the market in New Jersey is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.

Current home values in New Jersey

Home values have been rising throughout New Jersey and are up 2.63% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $328,200 , Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.69%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.69% and the median home value for New Jersey at $328,200 , a representative monthly mortgage payment would be $1,508.79.

How the New Jersey housing market stacks up

Trenton skyline panorama at dawn. Trenton is the capital of the US state of New Jersey.
mandritoiu / Shutterstock
Trenton skyline panorama at dawn.

Property values in New Jersey are high by historical standards and are higher than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in New Jersey, they're expected to rise 1.93%.

Homes are going on the market in New Jersey at a median price of $191 per square foot, versus $155 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

New Jersey home prices over the last 10 years

Year Avg. Price
2019* $337,138
2018 $326,292
2017 $302,633
2016 $284,975
2015 $279,750
2014 $276,825
2013 $266,833
2012 $264,850
2011 $279,408
2010 $300,700
2009 $315,342

*2019 price average through August 2019.

How much for an average-sized home?

Here's what a 2,500-square-foot home in New Jersey is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2019* $477,500
2018 $467,500
2017 $442,500
2016 $415,000
2015 $410,000
2014 $405,000
2013 $392,500
2012 $385,000
2011 $407,500
2010 $437,500
2009 $450,000

*2019 price average through August 2019.