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What is the crystal ball saying re NJ residential real estate?

Time for a bit of good news that solidly reflects economic traction and positive momentum for the New Jersey real estate market.

Candidly, much news regarding state realty-linked subject matter has been marked by a downside over the past several years. In fact, not much of a silver lining has been noted anywhere since the arrival of the so-called Great Recession and its attendant housing collapse a decade-plus ago.

Thankfully, things change. Conditions improve, with multiple factors being influenced that collectively have a salutary effect on housing markets. More people are once again fully employed. The stock market has regained sharp losses. Company start-ups are increasing. Foreclosures are growing fewer.

When those things and additionally related factors are taken into account, they are akin to water falling on parched terrain.

And they especially affect housing. One recent spotlighting of that realm underscores that, “After many years of lagging home prices, New Jersey’s real estate market is getting much stronger.”

Moreover, notes the publication, the ongoing stabilization and continued upward rise of residential property values is virtually a statewide phenomenon. Residences in counties including Morris, Middlesex, Hunterdon and others are uniformly profiting (in a most literal sense) from significance spikes in value. New Jersey’s median home value in June was reportedly more than $318,000, a mark last exceeded nearly 14 years ago.

And there is this, too: The aggregate New Jersey home value has spiked by about 8.7 percent over the past year, which is significantly higher than the national average.

The state’s residential market is active and obviously in some flux presently. Individuals with questions or concerns regarding a home sale or purchase can speak with a proven real estate attorney for candid counsel and diligent representation in a transaction.



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