(October 29, 2018)(CNBNewsnet)--New Jersey’s housing market is becoming one of the hottest markets across the state with the West Coast looking to have problems of their own when it comes to house properties. New Jersey is but one of the places that are turning out to be one of the best places to own properties at the moment with a median home value that ranks at about $312,000. Housing prices range from a modest $200,000 to way past $600,000 depending on where you’re lucky enough to land your feet. If you’re looking to move to Jersey, then you should prepare yourself for the long haul in saving up.
The top sellers
At the top of the list is Glen Ridge, Essex County with an impressive home value average of around $660,000. Though a few grand away from $700,000 properties nearby, it’s still one of the most expensive places to be which isn’t much to say when its residents are earning a little more than 200,000 a year.
Next in line is New Providence, and Union County’s modest $600,000 home values. With the chance that these prices might be peaking soon, prices might quickly drop depending on the tide of the market.
Palisades Park, Bergen County, ranks a little bit closer to New Providence by having a home value average of $590,000. The proximity with New York City could explain its bargain price which might stay relatively the same throughout the year.
The bargain choice
New Brunswick offers one of the lowest prices in the state with an average of just $260,000. The small city is looking to expand its availability to students from the universities, Rutgers and Robert Wood Johnson, which is sure to impact regarding its business relations with the housing market over the next few years. The bare bottom of New Jersey is home to Haddon Township which has a home median of about $250,000 which has had consistently cheap housing prices. But a 10 percent increase on the previous year could spell potential demand for properties around the area which would come with a rise in the remaining properties’ prices.
A competitive market
First-time buyers are in for a surprise if they’re looking to buy properties to own. The biggest issue that lies with this rise in the housing market is the fact that tax rates in the East are relatively higher compared to the West; this would inflate even more the growing interest rates that are matched with growing demand for the current supply of properties. Home sellers are keeping their eyes fixed on home design news and fashion to keep their properties up to date, to appeal to first-time homebuyers.
Though this is excellent news for current property owners, homebuyers and property buyers, in general, looking to settle down with the imminent influx of migration to the East due to educational and professional opportunities might need to save up a little more extra cash before moving to the area.