If you’re a homeowner, all you have to do is Zillow yourself. You know, go onto the Zillow app and type in your address. Then be prepared to me utterly shocked at how much Zillow tells you your home is worth! Now as we all know, what an app says and what you actually wind up selling your house for can be to very, very different things entirely.
Real Estate prices in NJ are on fire.
Meanwhile, if this list shows us anything, it’s that all over the state there are communities and neighborhoods with homes that are far exceeding anyone’s reasonable imagination, when it comes to real estate here in New Jersey. Anyone that is, except the most savvy real estate agent or speculator. Home prices here in the Garden State have exploded since the Pandemic. However there is a catch.
It’s getting harder to get that home.
With inflation not budging, and interest rates constantly on the rise, it’s getting increasingly difficult for folks to not only shed their current home, but get a mortgage they can afford for a new one. Furthermore, while no one on this list may be crying poverty, folks not being able to buy their first home is a real issue here in New Jersey, as well as across the country. Moreover, the average interest rate for a 30 year fixed rate mortgage is around 7.7 percent. That’s high compared to just 10 years ago. In fact it’s up roughly a full percentage point in the last 3 months.
Couple that with the high tax rate in New Jersey, and you can see the cold hard truth. The towns on this list may have the most expensive homes in the state. However, they may not wind up ranking high on homes sold this year in New Jersey. This list was complied from data as recent as September 2023 using data compiled for Slacker.com.