Current home values in New Jersey

Home values have been rising throughout New Jersey and are up 1.3% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $585,829, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.

Here's how that works in New Jersey: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $585,829 home at 3.33% would give a typical New Jersey homebuyer a monthly payment of $2,060, assuming a 20% down payment.

How the New Jersey housing market stacks up

Older couple sitting on a boardwalk
Jenny Sturm / Shutterstock
Couples can enjoy the piers in New Jersey and can still be close to bustling city life

The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in New Jersey, they're predicted to rise 4.5%.

Homes right now are going on the market in New Jersey at a median price of $67 per square foot, versus $134 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
2020* $341,598
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

*2020 price average through March 31, 2020.

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
2020* $167,500
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

*2020 price average through March 31, 2020.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."