The New Jersey real estate market is thriving—and our experts are here to explain why. Top-producing local agents from The Agency New Jersey, Paul Witte and Jason Prifold, highlight the area’s unique offerings—from stellar schools and convenient NYC commutes to beach access and inviting communities—and unpack why the Garden State is attracting a diverse pool of buyers and investors.
What draws buyers to New Jersey?
JASON: The location has to be one of the biggest perks. New Jersey borders New York City, Pennsylvania and Delaware, plus, it is home to the vibrant Jersey Shore. This allows buyers to enjoy the suburbs with a manageable commute and it provides an excellent second home option along the Jersey Shore.
PAUL: Many buyers are also drawn to New Jersey for the stellar schools, commute options into NYC and charming historic towns. Many towns in New Jersey have downtowns, featuring parks and kid-friendly activities. Families living in New York City who are looking for more space and a better quality of life are making the move to prime towns in New Jersey’s suburbs.
What are some of your favorite things about living in The Garden State?
PAUL: The proximity to the city and the general diversity of New Jersey make it a great place to live. The access to parks, restaurants and ample shopping options also make it an ideal choice.
JASON: The beach! New Jersey is known for its expansive coastline, pristine beaches, crashing waves, salty air, boardwalks and picturesque sunsets. My favorite beach community is Long Branch with two miles of beach, boardwalk, beach clubs, hotels, restaurants and luxury condos.
How is the market right now?
PAUL: The market for single-family homes is very, very competitive. I submitted an offer on a single-family home for clients I’m working with and the seller received 23 offers! There is far too little supply and a bevy of buyers looking for a home. It’s this competitive even with significantly higher rates compared to 2022— but if rates do drop, it will become even more competitive. Many owners feel “stuck” in their current home because if you own with a 3% mortgage rate, why would you sell unless you absolutely had to? The prevalence of people trading up/down—which is generally a large part of the resale market—has stagnated.
JASON: The New Jersey market continues to be very strong. Every county in New Jersey saw home values increase from the year prior. This trend will continue in 2024 due to little inventory and redevelopment projects taking place all over the state.
Who is buying property in New Jersey right now?
PAUL: Most of the buyers in New Jersey are first-time buyers. Rents have increased to the point where most renters are tired of throwing money away each month. People will always need a place to live, making the market in New Jersey attractive, even when interest rates are high.
JASON: There are many types of buyers currently in New Jersey. Investors like Netflix, Kushner, Urban Edge Properties, SJP Properties, North American Properties, Pacific Retail Capital and many more. Families looking for more space and top school districts. Retirees because NJ has an excellent healthcare system.
Are there any particular neighborhoods that are attracting buyers right now?
PAUL: Anything with a manageable commute into New York City. Jersey City and particularly Hoboken (the property taxes are about half in Hoboken compared to Jersey City) are very popular options. Any suburban town with a commute of less than two hours is desirable. Any town with a direct train line into Penn Station is also insanely competitive, with multiple offers and offers significantly over the asking price. For example—a home in Montclair sold for 188% of the asking price last year.
JASON: Monmouth County is growing and changing dramatically. It is home to some of the most desirable neighborhoods like Rumson, Fair Haven, Little Silver, Red Bank, Oceanport, Long Branch and Asbury. They are in a dream location nestled along the Jersey Shore, offering a dynamic and enriching lifestyle. One particular community to watch is Oceanport. We expect home sales to jump in and around this area. The recent sale of Fort Monmouth is bringing an $850M production studio from Netflix along with many other redevelopment projects. Maybe The Agency will have a spin-off of “Buying Beverly Hills” and create “Selling The Jersey Shore!”
Why is New Jersey a great place to make a real estate investment?
PAUL: They’re not really building more homes to purchase in desirable areas, only rental options are available. From a supply/demand standpoint, the demand continues to increase as more people move out of New York City to New Jersey temporarily, but decide to want to make a longer-term home in the area.
JASON: New Jersey is an excellent place for real estate investment! Thanks to its proximity to major cities it has shown steady growth, with property values appreciating and consistent demand for rental properties. It has a well-developed transportation network with many commuting options and easy access to major highways, railways, and airports. Many cities within New Jersey are undergoing revitalization projects that will propel property values.
How does New Jersey’s location between major urban centers create a unique opportunity for buyers?
PAUL: New Jersey’s central location makes more sense for a lot of buyers. Some couples will have one partner working in New York City, while the other works in New Jersey. It’s a central point for both people to commute to work. Being close to urban centers offers reliable transit options to locations in basically any direction. The nice part about living in New Jersey is the transit options that can get you wherever you want to go—from the PATH train and NJ transit to bus or car. Living on Long Island or Westchester, means you’re limited to the major train lines. Additionally, the more urban areas in New Jersey will offer a more diverse menu for dining and nightlife. Many buyers consider this a big plus.
JASON: New Jersey’s location between major urban centers gives buyers access to multiple job markets. Staying local or an easy commute opens doors to a wider range of employment options with strong salaries. New Jersey allows you to benefit from the proximity to these hubs without sacrificing career opportunities.
NOTABLE LOCAL LISTINGS
185 Morris Avenue, Long Branch
The Agent: Jason Prifold
The Details: The View Long Branch is a boutique development with 36 condos ranging form one to two bedrooms. The new development is just two blocks from Pier Village, Long Branch Beach, the boardwalk, restaurants and shopping. Jason Prifold represents the entire development, including the community’s active listings: #3I, #4C, #4D, #5F, #5L.
