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The 25 states in New Jersey where home prices have increased the most during the epidemic are the 25 counties in which home values have risen the highest

The 25 states in New Jersey where home prices have increased the most during the epidemic are the 25 counties in which home values have risen the highest

Low interest rates, which were created by the epidemic economy, have benefited the residential real estate market.

Buyers, eager to take advantage of the low mortgage payments, have been grappling with the few available homes in a low inventory, high demand market, which has driven up prices.

In 2020, home values increased 12% across the nation, while the Otteau Group predicts they will rise 17% by 2021.

Jeffrey Otteau, a real estate economist and president of the Otteaux Group, stated, Thats triple the increase in the seven prior years.

According to Otteaus data, home values have risen from 1% to 5% each year since 2013, with 2019 seeing a higher increase of 2%.

NJ Advance Media used redfin data to determine the 25 census-designated areas that have experienced the biggest rise in home prices since the start of the epidemic.

We took the median home sale price from February, March, and April 2020, subtracted the months when less than 10 homes were sold, then averaged those three medians. Then we did the same thing for June, July, and August 2021, the three most recent months for which data are available.

Eight of the top 25 cities are in Ocean County, four are located in Atlantic County and three are situated in Camden, with two each in Salem and Gloucester. Cumberland, Somerset, Cape May, Morris, Monmouth, Mercer, and Essex counties each had a name.

Here are the 25 N.J. counties where prices increased the most during the epidemic, as well as the price pre and post-pandemic and the percentage it changed:

25. Linwood, $223,000 to $338,000, up 52.1%, is up 22.3% to 33.8%.

24. Gloucester City $105,000 to $160,000, up 52.4%, with a 52-.2% increase in the average cost of living.

23. Montclair $546,000 to $835,000, up 52.8%, with a jump of 52,8% to $54,66,000 at $845,000.

22. Beach Haven West (Stafford Twp.) $440,000 to $675,000, up 53.3% from the previous week.

21. Mays Landing (Hamilton Twp.) $180,000 to $277,000, up 53.8%, at a price of $18.1 million or $178,000.

20. Trenton $122,000 to $190,000, 56.4%, is the home of $121,000 to $159,000, with 56,4% of the population.

19. $180,000 to $282,000, up 56.9% from $120,000 to $252,000 on Mystic Island (Litttle Egg Harbor Twp.).

18. Lakewood $206,000 to $326,000, up 58.2%, or a swell of 20.8% compared to the previous year.

17. Lavallette $524,000 to $837,000, up 59.6% to $5234,000, or $52.4% to $837,000.

16. $129,000 to $206,000, up 59.9%, at Leisure Village West (Manchester).

15. $111,111 to $178,000, up 60.2% from $1111,113 to $1478, down 60.00% from Pennsville.

14. Leisure Village East (Lakewood) $155,000 to $249,000, up 60.3% from the previous year (see chart).

13. Brigantine $309,000 to $499,000, up 61.2% from $309.0 to $49.9 million, an increase of 62.3% on the previous year.

12. $1,175,000 to $1.898,000, up 61.5% from $11,175.000 to $,896,000.

11.11.11. Magnolia $209,000 to $338,000, up 61.6% to $309,000.

10. Pleasantville $95,000 to $155,000, up 63.7% from Pleasanttown $96,000 to $150,000, down 6.3.3% from the prior year.

9. $56,000 to $93,000, up 65.1%, in Camden an increase of 5.6% to 9.1%.

(Counteria (), (Aran (s), sur ( (25), second (; (except), (01), [ (); (#, (after) (from... (based:) Chester $397,000 to $656,000, up 65.4%, $367,000 from $636,000 in Chester.

7. $481,000 to $800,000, up 66.4% in Dover Beaches North (Toms River) $471,000-$800,000.

(There are (to) and (herher) () were ( (re) are, (d) (), (b), a (etern (); (t (;) Sea Isle City $754,000 to $1,268,000, up 68.2% from $7544,000 in Sea Island City to $7,268,000, or 69.8% more than the previous year.

5. $599,000 to $1,019,000 in Weston (Franklin Twp., Somerset County) up 70.1% to $600,000 in Fort William (Stone County, Frankland)

4. Millville $108,000 to $187,000, up 72.3%, compared to the previous year's $988,000-$187,000.

3. Clayton $173,000 to $308,000, up 77.7%, or $17.3 million to $408,000.

2. Crestwood Village (Manchester Twp.) $58,000 to $105,000, up 82.7% to $55,000 in Crest Wood Village, (New York Twingpt.).

1. $83,000 to $158,000, up 90.8% from $83,500 to $88,000 at Carneys Point.

READ MORE:

In August, the 25 New Jersey towns with the highest home sales were in the north.

New Jersey home sales are down slightly from last year. But not in these 4 counties.

The top 25 places in New Jersey with the most housing inventory are in the top 20.

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Allison Pries can be reached at apries@njadvancemedia.com. Nick Devlin may be reached at ndevlun@njadvancemedia.com.

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