Essential Real Estate Stats New Jersey to Know Before Buying a Property
New Jersey, one of the most heavily populated states in the USA stretches across an area of 8,729 square miles. Located right at the center of the Boston-Washington-New York corridor, New Jersey has an advantageous position that makes it close to other cities like Baltimore and Philadelphia.
Although people call New Jersey the Garden State, 90% of its residents live in urban areas. It is home to various industries, such as vegetables, seafood, dairy products, horses, and nursery stock. Additionally, you will also find various chemical and pharmaceutical plants of well-known companies here.
Real estate condition in New Jersey
New Jersey is home to ten of the most expensive cities: Franklin Lakes, Interlaken, Stone Harbor, Short Hills, Sea Girt, Mantoloking, Bay Head, Saddle River, Spring Lake, and Alpine. According to real estate stats New Jersey, the average home value is $374,703. There are nearly 3,213,362 homes and apartments in this state. This means you have a good chance to find your dream house here.
Almost 24.2% of the properties available here has a value between $228,303 and $342,381. Most of the properties in New Jersey are single-family detached homes. They comprise of 53.6% of the total number of housing units in the state. Apart from single-family detached homes, there are apartment complexes (20.3%), mobile homes (0.9%), small apartment buildings (15.7%), and townhomes (9.5%).
The cost of the house you want to buy depends on the city you choose and also the neighborhood. You should also consider the size of the house before putting your money. If you are moving with your family, you should for a 3-bedroom house. These are the most common dwellings (32.6%) available in New Jersey. Second in line are two-bedroom houses (26%), and finally, four-bedroom houses (19.4%).
62.6% are homeowners while 37.4% stay in rented apartments and houses. There is a vacancy of 10.9% of the homes, which is a huge figure compared to the demand for the houses in this state.
Real estate market In New Jersey over the years
There has been a total appreciation of 15.08% in the real estate market in the last 10 years. This shows that people are willing to shift to New Jersey because of the availability and affordability of properties here. The appreciation rate for last year was 3.60%. But the market is slightly plummeting this year. As per the real estate stats New Jersey for the first quarter of 2020, the appreciation rate was 0.58%. This means the average annual rate would be 2.35% which is less than 1.25% compared to last year.
Apart from buying houses, there is a huge market for people who want to stay in rented apartments. The average rent for houses and apartments in New Jersey is $2080.
With so many accommodation options available, you need to select the city where you want to stay. Then, shortlist houses according to your budget and neighborhood. This should help you find the home of your dreams in New Jersey, one of the most progressive states in the US.