This is not something you hear a lot in New Jersey: Home prices… dropping?
Don’t get used to it because it does seem to be something of an aberration, but it does seem a little strange. Because all we’ve been hearing about in New Jersey is our price wars. People can’t afford anything. Homes that are completely and totally out of reach. Not one second to even think about it, and houses are being bought sight unseen.
So when something even slightly different happens, people notice. According to an article on Jersey Digs some towns in North Jersey, including parts of Bayonne, are starting to see small price corrections after years of steady increases.
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Canva / Townsquare Media illustration
Canva / Townsquare Media illustration
And to be clear, this is not some big crash. It’s not that. It’s more like things easing up just a little. But even that feels unusual around here. Because for the past few years, it really did feel like there was no break. If you didn’t buy, you were chasing it. Prices kept moving, inventory stayed tight, and everything felt a little rushed. Now it’s starting to feel just slightly different.
There’ll be a few more listings sitting with a little less urgency and not every house turning into a bidding war the second it hits the market.
Still expensive. Still competitive. Just not as intense as it was. And in a real estate environment like we’ve been seeing here in New Jersey that’s enough to stand out.
This is particularly obvious in a town like Bayonne, where people were piling in for a while because it felt like one of the last somewhat “reachable” spots in North Jersey. So when you see prices pull back even a little, it gets attention. Because not only is this not happening everywhere in New Jersey. Unless you’ve been living under a rock, you know it almost never happens at all.
Here’s how NJ prices have changed: Now, 10, 20 years ago
From food items to popular clothing to entertainment outings — here’s a roundup of what things cost in 2023, as compared to estimates from 2013 and 2003.
Gallery Credit: Erin Vogt
This is how much NJ home prices went up over 24 years, by countyBrace yourself —for each New Jersey county, here’s the median price of new houses in 2000, versus 24 years later.
Gallery Credit: Erin Vogt
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Judi Franco only.