Real estate in the Jersey suburbs is seeing a big boost in demand from New York buyers this spring. As the pandemic hit the city, many folks wanted more room and distance from their neighbors. For many of them, Jersey suburbs are an attractive option, and their movement is expected to push home values up to their highest levels in more than a decade.
Otteau Valuation Group, a real estate consultancy firm, expects home prices to increase by 6% next year in four New Jersey counties that are close to Manhattan: Bergen, Essex, Union, and Middlesex.
Even through the worst of the pandemic, New Jersey home values in the northern areas have generally held steady, underscoring the strong foundation of real estate value in northern New Jersey.