2020 was a very challenging year for many. I recognize that many of you have lost loved ones to Covid-19 and have lost jobs that have forced you to re-think your status as to whether you will be making a move any time soon. The pandemic has caused a massive exodus from NYC and the more densely populated areas of NJ to the western parts of Northern and Central New Jersey. This exodus has caused demand to increase dramatically and home values have increased 10% or more throughout Northern and Central New Jersey. My website SearchNJ.properties has tracked the average sales price of homes dating back to 2005. In most areas, prices now exceed the average sales prices from the peaks of 2006-2008. My average sales price charts examine how the prices compare to 2020.
The charts below are examples of how the 2020 average sales price in Hunterdon, Warren, Morris and Somerset Counties have changed in comparison to the prior years. These charts show that the average sales price from 2019 to 2020 in Hunterdon County has increased 13%, in Warren County it has increased 19% in Morris County it has increased 8% and in Somerset County it has increased 6%.
I have calculated this for every individual town in Northern and Central New Jersey in the counties of Essex, Hunterdon, Morris, Passaic, Somerset, Sussex, Union and Warren Counties. To view the updated numbers and see how much the value of your home has increased visit my website at SearchNJ.properties and view the Market Reports HERE.