The real estate market in New Jersey in the winter season was not exactly doing well. However, that is not the case right now as some of the markets in NJ are sizzling hot, reaching peak value.
Previously, like everywhere else, New Jersey´s real estate market suffered a lot due to the 2009 Great Recession. And, many are still waiting for the value of their properties to recover. However, that is not the case across the board as there are numerous towns and estates that are witnessing incredible demand and rise in value.
We have based our list on the basis of the reports published by the esteemed real estate tracking giant, Zillow. The cities are basically ranked on the basis of median home value increase in the past year. We have taken reference from Zillow´s own Home Value Index to formulate our list. The towns mentioned below have all witnessed incredible price growth during the last year.
Without further ado, have a look at some of the hottest NJ real estate markets at the moment.
- Jersey City, Hudson County
Jersey City, Hudson County, has a median home value index of $428,000 and boasts a median home value increase of a whopping 24.40%. In fact, the median home value of the city increased by nearly a quarter in the past year.
- Weehawken, Hudson County
Weehawken, Hudson County has a median home value index of $855,000. The city´s home value index is head and shoulders above the county average. The area witnessed a median home value increase of a whopping 23.98%.
- Asbury Park, Monmouth County
In terms of home value growth, Asbury Park remains the third hottest NJ real estate market. The area´s home value index is $311,000 and it saw a median home value increase of 12.12%.
- Carlstadt, Bergen County
Carlstadt, Bergen County is the fourth hottest NJ real estate market. The place has an average home value index of $406,000. It witnessed a median home value increase of 11.77% in the past year.
- Haddon Township, Camden County
Haddon Township lands the fifth spot on our list with a home value index of $252,000 and a yearly home value growth of 11.29%.
- Hoboken, Hudson County
There´s no denying the fact that Hoboken, Hudson County, features some of the most happening parks and bars in New Jersey. The place saw a home value growth of 7.90% in the past year with the home value index rounding off to $785,000.
- Demarest, Bergen County
Demarest performed brilliantly in the real estate market, managing a home value growth of 5.57%. Its home value index is $760,000.
- Westfield, Union County
Westfield, Union County takes the eighth spot on our list with a home value index of $756,000 and a median home value increase of 5.18%.
- Chatham Township, Morris County
Chatham Township, Morris County is the ninth hottest NJ real estate market right now. The place has an average home value index of $896,000. It witnessed a median home value increase of 4.98% in the past year.
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