New Jersey Home Values Fall by as Much as One-Third
While many parts of the country are seeing surging home values, New Jersey home values are significantly lower than they were five years ago, reports NJ Spotlight. A new report from the American Community Survey shows New Jersey home values have declined a median of 11 percent.
Typical home worth $316,000
The new data, which examines home values for lower population areas in five-year blocks to reduce errors, compares data from 2006 through 2010 with data from 2011 through 2015, the latest year for which there is data.
Over the five year period of 2011 to 2015, the article reports the typical New Jersey home was valued at $316,000. Compared to the span from 2006 through 2010, this was 11.5 percent lower. Examining year-by-year estimates, the article reports the drop was less dramatic, about only five percent lower.
Superstorm Sandy still affecting values
Still, New Jersey is an unusual case for valuation. Pre- and post-recession valuations skew the numbers somewhat, as do the lingering effects of property damage caused by Superstorm Sandy in 2012.
Sandy’s effects were still apparent in Sea Bright, N.J., located on the Monmouth peninsula, which was particularly devastated by the storm. Sea Bright homes for 2011 through 2015 averaged $448,000 in value, compared to $670,000 for 2006 through 2010, a drop of nearly one-third.
Only 10 percent of municipalities increased in value
All told, the report showed property valuations had fallen in more than 500 municipalities. Only around 10 percent of New Jersey municipalities saw an increase in value over the period studied. Home values ran the gauntlet, from less than $90,000 in Winfield and Camden, N.J., to more than $2 million in Alpine and Mantoloking, N.J.