New Jersey Real Estate Summary

The New Jersey real estate market is hot and fast paced.  With its proximity to New York city on one side and Philadelphia on the other, New Jersey relocations are popular.  The closer a house is to the train or bus line going in to Manhattan, the faster and higher priced it will be.  Even though taxes are staggering in some places in New Jersey, the population continues to grow.

Middletown real estate is high priced.  It sits near the Raritan River, where many celebrities and famous athletes have mansions.  The schools have very high standards, making them desirable to affluent people.  The average home sale price is $850,000, but there are several over the million dollar mark.  Houses are on the market for 10-20 days if they are close to commuter lines and sell for over their asking price. 

In Parsippany, real estate has cooled.  Houses are sitting on the market for 30-60 days and are getting 95% of their asking price.  The average sale price is $575,000.   In cities away from Manhattan, the average price is $400,000 and will sit on the market for 60 days.

New Jersey real estate continues to inflate at double digit percentages.  New jobs are constantly being added in the Pharmaceutical and processing industries.  Unemplyment is low, even though taxes are very high.