New Jersey Home Prices Could See The Biggest Increase In 16 Years
According to the latest real estate forecast by Otteau Valuation Group; Bergen, Essex, Union and Middlesex could see a 6% jump in home prices in 2021. If that holds true that would be the biggest annual increase since 2005. You may ask why such an increase? We are seeing New Yorkers wanting to escape city living and enjoy the peaceful serene of the New Jersey suburbs.
The president of Otteau Valuation Group Jeffrey Otteau stated, “This looks like the 1970’s, which was a time when people were leaving the cities.” Many New Yorkers for the past two-decades choose city living because of the short commute time. All it took was for the pandemic to change those norms. With many companies having their employees work from home, there is no need to be tied down to the city.
Otteau’s data shows in May alone contracts to buy a piece of the New Jersey suburbs right outside the city priced at above $2.5 million soared 69% from the previous year. Over the last few months many of us have had to play teacher while homeschooling and also juggle working from home. If anything, the last few months have had many of us realize the importance of space; having a backyard, private office and a home gym are top on buyer’s must haves now.
The current market is unlike any market we have seen before. Fast moving and multiple offers within days of putting the house on the market are the new norm. Should you be considering making a move this summer or even within the next year and would like to know what your home is worth in today’s market, we would be more than happy to provide a complimentary home evaluation. The Price Group prides ourselves on keeping our clients informed on the latest real estate trends and market stats. Should you have any questions, please don’t hesitate to ask.
