Home prices have increased by 50 percent or higher since the beginning of 2020 in 13 towns across New Jersey.
Prices have been rising in all parts of the state since the depths of the pandemic, but are particularly strong in South Jersey, according to NJ.com.
Gloucester City outside Philadelphia has seen the most dramatic increase in pricing. The median sales price there is up 75.8 percent, to $150,000 since the beginning of 2020.
Most towns seeing big percentage gains are relatively inexpensive housing markets. Four of the five towns that saw the most significant increases had median prices no higher than $133,000 at the beginning of 2020. Along with Gloucester City, that list included Millville, Trenton, and Woodbury.
Some pricier areas also recorded big gains. Franklin Township saw the fifth-most significant climb in pricing from $608,000 to just under $1 million. Lavallette saw a 61.3 percent increase to $763,000.
Flippers are driving some of those gains, said RJ Gauld of Coldwell Banker Realty of Haddonfield.
“Flippers are buying up everything and selling it for massive profits,” Gauld said. “It’s the Wild Wild West.”
Gauld said a seller rejected 44 offers for a house in Mount Laurel, including one from a client that was $27,000 above asking price.
Jersey Shore towns and other suburbs are also seeing more demand from home buyers who want to leave New York City, Philadelphia, and North Jersey.
[NJ.com] — Dennis Lynch