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According to a recent study analyzing data from Zillow, New Jersey has emerged as one of the states with the highest percentage increase in average house prices. The analysis, conducted by the New Jersey Real Estate Network, which focused on the period between January 2023 and December 2023, highlights the significant growth in the state's housing market.
During the year, average home sale prices in the Garden State rose 7.43 percent, from $461,186 to $495,469, an increase of $34,283.
Taking the lead across the nation is Connecticut, with an eye catching 9.56% rise in house prices.
Rhode Island and Massachusetts also experienced substantial increases, with rises of 7.1% and 6.97%, respectively.
According to Redfin, some 25,000 homes were actively listed for sale at the end of 2023 a decrease of approximately 20 percent from the year prior. Homes on average stay on the market for 2 months before being sold.