Coastal Counties Lead the Way: NJ State Home Prices Surge Over 60% in Some Areas since March 2020
Between March 2020 and June 2024, New Jersey experienced a significant surge in home prices across all counties.
New Jersey’s housing market has undergone a significant transformation since the onset of the COVID-19 pandemic in March 2020. By June 2024, all counties in the state experienced substantial increases in home prices, with some areas seeing values more than double. This surge reflects a broader trend of rising property values across the United States, fueled by factors such as low-interest rates, remote work opportunities, and shifting lifestyle preferences.
Atlantic County led the state with a remarkable 65.7% increase in home prices, followed closely by Ocean and Camden counties, both at 63.4%. Cape May and Salem counties also saw substantial growth, exceeding 60%. These coastal counties have long been desirable destinations, but the pandemic’s influence on remote work and the quest for more space further amplified their appeal.
While coastal areas experienced the most dramatic price changes, other counties also saw substantial increases. Sussex, Monmouth, and Cumberland counties all had home price growth above 50%. The counties with the most modest growth were Bergen, at 33.5%, and Hudson, at 21.6%. These counties, closer to New York City, may have been less influenced by the pandemic-driven trends that fueled price increases elsewhere.
