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.
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.
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.