By Michael DeLucaPublished May 09, 2018 12:03:25The new Jersey suburbs may be growing, but they still don’t have many homes to choose from.
A recent report by Realtor.com found that the New York-New Jersey suburbs were the least desirable of the 10 largest metro areas.
In the Garden State, home values in the area of Manhattan were up more than 10 percent from last year, but median home prices were down almost 7 percent, according to Realtornet.com.
In contrast, in New Jersey, median home values were up by more than 12 percent from 2016.
The median sale price for a home in New York City is $1.2 million.
But the median sale value for a single-family home in the Garden state was $1,924, while the median sales price for single-detached homes in the metro area was $2,091.
The median home value in New Brunswick was $519,000.
In New Jersey’s New Jersey City, home prices are up 12.5 percent from 2015 and the median home price is up 3.3 percent, up from 2.3 years ago, according the Realtors.com report.
In Garden City, median sale prices are down 1.5 percentage points from 2016, according Realtored.com, but the median price is still $1 million.
In Newark, home sales are down 3.4 percent from the last year and the sales price is down 9.7 percent.
In Rockland County, home price growth was the highest in the country in 2018, and it was up 3 percent from 2017, according Real Estate Investor.
In 2018, home sale prices in Rockland were up 2.6 percent, but their median price was down 9 percent.
Home values in New Bern are up 5.4 percentage points and median home sales prices are at their highest level since 2015, according NREI.
In 2017, median sales prices were up 3 percentage points, but home values dropped 6.3 percentage points.
The price growth in 2017 was driven by the recovery of the housing market, according Toews.com The average sale price in New Rochelle was $839,000, according TOEWS.
The average sales price in Rockville-Fall River was $7,200, according REALTOR.comThe median home sale price was up 7.7 percentage points in Rockport, up 6.7 from last years, according Zillow.
In addition, home value growth was a high of 15.5% in Rockford-Suffolk County in 2018.
The market was the second-highest in the state in 2018 according to Zillot.
Home sales in New Haven-New Haven County were up 13.6 percentage points over the last two years.
The percentage of sales that were sold for more than $100,000 was 25.4%, up from 22.5%.
The median value of a home was up 9.9 percentage points on a year ago in the Rockport-Fallor City metro area.
However, the median was down by 7.3 points in the last few months.
Home prices are falling in other New Jersey areas as well.
In New Brunswick, home buyer prices dropped 2.4% in 2018 from last and median house prices were at their lowest level since 2011.
In Camden, median price dropped 1.9 percent.
In Mercer County, median house price fell 4.5 points, according KUMAR.
In Essex County, the average home price fell 2.8 percentage points last year.
In Monmouth County, where home prices have dropped 2 percent in the past year, median buyer prices are still lower than they were a year and a half ago, the real estate website Zillog reported.
In 2014, median values for a $100 million home in Monmouth were $2.8 million, according Home Value Network.
In 2018, the number of listings for a median home was 9.1 million, down 5.6% from the year before, according Conde Nast Real Estate.
In Jersey City there were 17,000 listings for median home.
The number of homes for sale was up by about 2,000 units last year from 2017.
The growth in sales and median price has been fueled by a resurgence in the housing stock and a rise in demand for new homes, according Tom Daley, president and CEO of the New Brunswick-based real estate brokerage firm Zillovision Real Estate Partners.