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New Jersey real estate

New Jersey – Sandy’s Not the Only Story Here

New Jersey’s housing market is really trying to recover from the recession. However, there are several obstacles standing in its way.

Many of New Jersey’s biggest counties saw increases in the number of home sales between December 2011 and December 2011. That would be impressive all by itself (just like it is in other parts of the country). However, what makes this news even more impressive in New Jersey is that people here had Hurricane Sandy to deal with at the end of 2012. With a state still in disarray (Congress had to pass an additional $9.7 billion in Sandy relief at the beginning of 2013), ANY increase in housing numbers is monumental.

So, where were New Jersey realtors the busiest?

By far, the biggest buying surge came in Passaic County. The number of home sales there went up nearly 37%, when compared to December 2011. The next-biggest increase was seen in Somerset County, where there were 23% more homes sold in December 2012 than in December 2011. In Bergen County – one of New Jersey’s wealthiest counties – the number of homes sold went up 5.5%.

What can sellers and realtors in New Jersey expect in 2013?

Despite a strong showing at the end of 2012, there are two things working against the housing market here – a weak job market and a large number of foreclosures that haven’t hit the market yet.

In fact, New Jersey has a notoriously-slow foreclosure process. That’s because it’s a judicial-based foreclosure process – meaning that lenders have to go to court and prove homeowners are in default before they can move forward with foreclosure proceedings. So, homes that normally would have been foreclosed on and sold off months ago have been stuck in a backlog. When those homes eventually hit the market, it will drive down the prices of the other homes for sale in New Jersey.

As a result, experts aren’t predicting much in the way of home price gains in 2013. In fact, they say the homes for sale in New Jersey will likely go for the same prices they’ve been going for in recent months.

Jobs-wise, the Garden State had an unemployment rate of 9.6% to end 2012. Unfortunately, New Jersey ranks 47th when it comes to economic growth, so no one knows how long it will be before unemployment isn’t a genuine concern here. And, as long as people don’t have steady paychecks, they can’t rush out and buy houses. Plus, New Jersey has some of the highest property taxes in the country, so home ownership here is awfully expensive!

So, what does that mean for the apartments for rent?

Like most places, New Jersey landlords have raised monthly rent prices. Luckily, though, apartments for rent in New Jersey are still much cheaper than they are in New York!

Living in New Jersey

Looking for a place to live with a strong economy, that’s close to major cities, and is only a stone’s throw from a major amusement park and sandy beaches?

Welcome to New Jersey!

Because of its proximity to New York and Philadelphia, northeastern New Jersey can be a commuter’s dream. The George Washington Bridge easily connects Bergen County to Manhattan.

While four of New Jersey’s cities boast populations over 100,000, the state also has its share of more laid-back areas. Northwestern New Jersey, known as the Skylands, has wooded and mountainous areas, and the Jersey Shore is well-known for its summertime activities

Speaking of summers, they’re usually humid and hot. The winters are typically cold, with average snowfall reaching up to 50 inches in the northeastern highlands. The southern, coastal areas usually see less snow.

Before you start planning your commute, let’s go over some of New Jersey’s fast facts:

  • What is the population of New Jersey?
  • The population of New Jersey is 8,864,590
  • What is the capital of New Jersey?
  • The capital of New Jersey is Trenton
  • What is the largest city in New Jersey?
  • The largest city in New Jersey is Newark

New Jersey's economy is strong, mainly due to its location and access to the Atlantic Ocean. The Port of New York and New Jersey is the most active on the East Coast, with Port Newark-Elizabeth Marine Terminal being home to the world’s first container port. The financial, telecommunications and pharmaceutical industries are strong, along with the agriculture industry. New Jersey is well-known for its blueberry, cranberry, asparagus, bell pepper, peach, head lettuce, and spinach production.

If you are a beachgoer, New Jersey has plenty of oceanfront activity. From boardwalks and playgrounds to live entertainment and dining, the beach is the place to be during the summer months! And if you’re looking for nightlife and a little gambling, look no further than the world-renowned Atlantic City.

Enriched by history and the Arts, New Jersey also has museums of all kinds, plus theater and dance companies. Six Flags Great Adventure park in Ocean County is deemed the world’s largest theme park at 2,200 acres.

What more could you ask for?!

This is the Census data for New Jersey

Population

Total population estimate for New Jersey (July 1) 2012
8,864,590
Total population change for New Jersey- April 1, 2010 to July 1, 2012
0.8%

Age

Percentage of the population that's under 5 years old in New Jersey, 2011
6.1%
Percentage of the population that's under 18 years years old in New Jersey, 2011
23.2%
Percentage of the population that's 65 years and over New Jersey, 2011
13.7%

Gender

Percentage of the population that are females in New Jersey, 2011
51.3%

Race breakdown for New Jersey in percentages

White alone, 2011
74.1%
Black alone, 2011
14.6%
American Indian and Alaska Native alone,2011
0.6%
Asian alone, percent, 2011
8.7%
Native Hawaiian and Other Pacific Islander alone, 2011
0.1%
Two or more races, 2011
1.9%
Hispanic or Latino Origin, 2011
18.1%
Not Hispanic, White alone, 2011
58.9%

A little more about the residents of New Jersey

Percentage of residents who lived in the same house 1 year ago, 2007-2011
89.7%
Percent of residents who are foreign born 2007-2011
20.6%
Percent speaking a language other than English at home, 2007-2011
29.2%

Education

Percent high school graduates or higher for residents 25 years old and over in New Jersey, 2007-2011
87.6%
Percent with a bachelor's degree or higher for residents 25 years old and over in New Jersey, 2007-2011
35.0%

Veterans

Total number of Veterans living in New Jersey 2007-2011
472,716

Communting

The average travel time to work for workers in New Jersey (16 years and over not working at home), 2007-2011
30.1 mins

Real estate stats in New Jersey

Housing unit estimates, 2011
3,562,553
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
66.6%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
35.9%
Median value of specified owner-occupied housing units, 2007-2011
$349,100.00
Households, 2007-2011
3,180,854
Average household size, 2007-2011
2.69

Income

Per capita income for New Jersey in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$35,678.00
Median household income in New Jersey, 2007-2011
$71,180.00
Percentage of people living in poverty in New Jersey 2007-2011
9.4%

Business and commerce info for New Jersey

Private nonfarm establishments, 2010
228,937
Private nonfarm employment for pay period including March 12, 2010
3,367,169
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
-5.1%
Total number of businesses in New Jersey, 2007
781,622
Percentage of Black-owned businesses in New Jersey, 2007
7.7%
Percentage of American Indian- and Alaska Native-owned businesses in New Jersey , 2007
0.4%
Percentage of Asian-owned businesses in New Jersey, 2007
8.7%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in New Jersey, 2007
0.1%
Percentage of Hispanic-owned businesses in New Jersey, 2007
8.7%
Percentage of Women-owned businesses in New Jersey, 2007
27.3%

Land size and population

Size of New Jersey in Square Miles, 2010
7,354.22 mi²
Population per square mile in New Jersey, 2010
1195.5

New Jersey real estate

Adelanto

Alameda

Albany

Aliso Viejo

Allamuchy

Allendale

Allenhurst

Allentown

Allenwood

ALLENWOOD

Alpine

Anaheim

Antelope

Antioch

Apple Valley

Arcata

Arlington

ASBURY PARK

Astoria

Atascadero

Atlantic City

Atlantic Highlands

ATLANTIC HIGHLANDS

Atwater

AVON-BY-THE-SEA

Bakersfield

Baldwinsville

Baltimore

Banning

Barnegat Light

BARNEGAT LIGHT

Barrington

Barstow

Bass River Twp

Batesburg

Bay Point

Bay Shore

Bayonnne

BAYVILLE

BEACH HAVEN

Beach Haven Borough

BEACHWOOD

Beaumont

Beidgeport

Belford

BELFORD

Belvidere

Bergenfield

BERKELEY

Big Bear City

Big Bear Lake

Binghamton

Blairstown

Bloomingdale

Bloomington

Bonita

Bonsall

Boonton

Bordentown

Bordentown Twp

BOUND BROOK

BRADLEY BEACH

Branchburg

Branchville

Breckenridge

Brentwood

Briarwood

Bridgeport

Bridgeton

Bridgewater

BRIELLE

BRIGANTINE CITY

Brighton Beach

Brooklyn

Buffalo

Burlingame

Burlington

Calabasas

Caldwell

Camden

Cameron Park

Campbell

Canyon Country

Cape May

Cape May City

Capistrano Beach

Capitol Heights

Cardiff By The S

Carlsbad

Carmichael

Carson

Casa Grande

Cathedral City

Cedar Grove

Champion

Charleston

Cheesequake

Cherry Hill

CHERRY HILL

Chesterfield

Chinatown

Chino Hills

Chowchilla

Chula Vista

Cincinnati

Cinnaminson Twp

Citrus Heights

City Heights

Clarksburg

CLARKSBURG

Clearbrook Park

Cliffside Park

CLIFFWOOD

Cliffwood Beach

Clifton Park

Clinton

Clovis

College Park

Collingswood

Colonia

Colonie

Colton

COLTS NECK

Columbus

Compton

Concord

Cookstown

Coral Ridge Drive

Corona

Coronado

Cortland

Costa Mesa

CREAM RIDGE

Crestline

Cupertino

Dallas

Daly City

Dana Point

DEAL

DEFTFORD

Del Mar

Denver

Desert Hot Springs

Diamond Bar

Diamond Beach

Dublin

Dunellen

Eagleswood

EAGLESWOOD

East Orange

East Palo Alto

Edgewater Park

Egg Harbor

EGG HARBOR TWP

El Cajon

El Cerrito

El Monte

Elk Grove

Ellington

Elmhurst

Emerson

Emeryville

Encinitas

Encino

Englewood

ENGLISHTOWN

Escondido

Essex Fells

Eureka

Exeter

FAIR HAVEN

Fair Oaks

Fairfield

Fallbrook

Far Rockaway

FARMINGDALE

Fishkill

Flushing

Folsom

Fontana

Foothill Ranch

Forest Hills

FORKED RIVER

Fort Worth

Foster City

Fountain Valley

Frankford Twp

FRANKLIN

FREEHOLD

FREEHOLD TWP

Freeport

Fremont

Fresno

Fullerton

Gainesville

Garden City

Garden Grove

Gardena

Garnerville

Gastonia

Gilroy

Gladstone

Glen Cove

Glen Gardner

Glen Wood

Glendale

Gold River

Gonzales

Graham

Grand Junction

Grand Terrace

Grass Valley

Greece

Greenfield

Greenwich

Guilderland

Guttenberg

Haledon

Hamburg

Hamden

Hamilton

Hampton Nj

Harrisonburg

Hartford

Haworth

Hawthorne

HAWTHORNE

Hayward

HAZLET

Healdsburg

Hercules

Hesperia

Hghland

Highland

Highland Lake

HIGHLAND PARK

HIGHLANDS

Hightstown

HIGHTSTOWN

Hohokus

Holbrook

Hollywood

HOLMDEL

Hopelawn

Houston

Huntington Beach

Hyde Park

Imperial Beach

Independence

Indian Wells

Inglewood

Interlaken

Irvine

Irving

IRVINGTON

Island Heights

ISLAND HEIGHTS

Ithaca

JACKSON

Jackson Heights

Jamaica

JAMESBURG

Keller

Kendall Park

Kennesaw

Kissimmee

La Grange

La Habra

La Jolla

La Mesa

La Quinta

La Selva Beach

Laguna Beach

Laguna Hills

Laguna Niguel

Lake Balboa

LAKE COMO

Lake Elsinore

Lake Forest

Lake Los Angeles

LAKEHURST

Lakeside

LAKEWOOD

Lancaster

LANOKA HARBOR

Las Vegas

Laurel Springs

Laurence Harbor

Lawrence

Lawrenceville

Le Grand

Lemon Grove

Leonardo

Lido Beach

Lincoln

Lincoln Park

LINDEN

LITTLE EGG HARBOR

Little Elm

Little Silver

LITTLE SILVER

Live Oak

Livermore

Livingston

Loch Arbour

Loleta

Loma Linda

Lompoc

Long Beach Twp

LONG BEACH TWP

Long Hill Twp.

Long Island City

Long Valley

Los Angeles

Lumberton

Lyndhurst

LYNDHURST

Madera

Madison

MADISON

Mahwah

MANALAPAN

MANASQUAN

Manchester

Manhattan

Mantoloking

MANTOLOKING

Manville

Marina

Marina del Rey

MARLBORO

Marysville

McKinleyville

Memphis

Menifee

Mentone

Merced

Middle Twp.

Middlesex

MIDDLETOWN

Millville

MILLVILLE

Milpitas

Mission Viejo

Modesto

Monatgue

MONMOUTH BEACH

MONROE

Monroe Twp

MONROE TWP

Monrovia

Montclair

Monterey

Moonachie

Moreno Valley

Morganville

MORGANVILLE

Morristown

Mount Olive

Mountain Home

Mountain Lakes

Mountain View

Mt Holly

MT LAUREL

MULLICA

Murrieta

Mystic Islands

National City

NEPTUNE CITY

NEPTUNE TOWNSHIP

Neptune Twp

Netcong

NEW BRUNSWICK

New Gretna

NEW GRETNA

New Haven

New Port Richey

New Providence

New Rochelle

New York

New York City

Newburgh

NEWFIELD

Newport Beach

Newport News

Niagara Falls

Norcross

NORMANDY BCH

NORMANDY BEACH

North Bergen

NORTH BERGEN

North Brunswick

North Haledon

North Highlands

North Hills

North Hollywood

North Middletown

NORTH MIDDLETOWN

NORTH PLAINFIELD

North Syracuse

North Wildwood

Norwalk

Norwich

Oak Hills

OAKLAND

Oakland Ca

OCEAN CITY

OCEAN GATE

OCEAN GROVE

Ocean Twp - Waretown

Oceanside

Odessa

Ogdensburg

Oildale

OLD BRIDGE

Olivehurst

Olympia

Ontario

ORANGE

Orangevale

Oroville

ORTLEY BEACH

Other City - Not In The State Of Florida

Outside Area (Outside Ca)

Oxnard

Pacific Grove

Pacifica

Pacoima

Palisades Park

Palm Desert

Palm Springs

Palmdale

Palo Alto

Panorama City

Paramount

Paramus

Pasadena

Paso Robles

Passaic

Patchogue

PATERSON

Patterson

Peekskill

PEMBERTON

Pemberton Twp

PENNINGTON

Pennsauken

PENNSAUKEN

Pennsville

PENNSVILLE

Pequannock

Perrineville

Perris

Petaluma

Phelan

Philadelphia

PINE BEACH

Pine Hill

Pinole

PISCATAWAY

Pittsburg

Pittsburgh

Placentia

PLAINFIELD

Plainsboro

Pleasant Hill

Pleasanton

Pleasantville

POINT PLEASANT

POINT PLEASANT BEACH

Point Pleasant Borough

Pompton Lakes

Port Hueneme

Port Jervis

Port Reading

Port Richey

Port Washington

Porterville

Poughkeepsie

Poughkeepsie City

Poughkeepsie Twp

Queens

Queensbury

Rancho Cordova

Rancho Cucamonga

Rancho Mirage

Rancho Palos Verdes

Rancho Santa Margarita

Raritan

Red Bluff

Redding

Redlands

Redondo Beach

Redwood City

Rego Park

Reseda

Rialto

Richmond

Richmond Hill

Ridgefield

Ringwood

Rio Grande

Rio Vista

River Edge

River Pointe

River Vale

Robinsville

Rochelle Park

Rochester

Rocklin

Rohnert Park

Romoland

Ronkonkoma

Roosevelt

Rosamond

Roselle

Roselle Park

Roseville

Roxbury

RUMSON

Rutherford

S SEASIDE PARK

Sacramento

Saddle River

Salida

Salinas

San Bernardino

San Bruno

San Carlos

San Clemente

San Diego

San Francisco

San Jacinto

San Jose

San Leandro

San Lorenzo

San Marcos

San Mateo

San Pablo

San Pedro

San Rafael

San Ramon

Sandyston

Sanger

Santa Clara

Santa Clarita

Santa Cruz

Santa Maria

Santa Monica

Santa Rosa

Saratoga Springs

Sausalito

Savannah

Sayerwood South

SAYREVILLE

Sayville

Scarsdale

Scotch Plains

Scottsdale

SEA BRIGHT

Sea Isle City

SEASIDE HEIGHTS

Seattle

Shamong Twp

Sherman Oaks

SHIP BOTTOM

Short Hills

Sicklerville

Silver Spring

Simi Valley

SO TOMS RIVER

Solana Beach

SOMERSET

Soquel

SOUTH BRUNSWICK

South Brunswick

South Plainfield

SOUTH RIVER

South San Francisco

South Toms River

southampton

SOUTHAMPTON

SPRING LAKE

Spring Lake Heights

SPRING LAKE HEIGHTS

Spring Valley

Spring Valley Lake

Springfield

Stamford

Stanhope

Staten Island

Stillwater

Stockton

Suisun City

SUMMIT

Sun City

Sun Valley

Sunnyside

Sunnyvale

Sunset Strip

Surf City

Syracuse

Tabernacle Twp

Teaneck

TEANECK

Tehachapi

Temecula

Tenafly

Thousand Oaks

TINTON FALLS

Toledo

Torrance

TUCKERTON

Tujunga

Tulare

Turlock

Tustin

Twentynine Palms

UNION BEACH

Upland

Upper Freehold

UPPER FREEHOLD

Vacaville

Valencia

Vallejo

Van Nuys

Venice

VENTNOR

Ventura

Victorville

Victory Gardens

Visalia

Voorhees

VOORHEES

Wall Street

Wallington

Walnut Creek

Wappingers Falls

WARREN GROVE

Warren Twp.

Washington

WASHINGTON

Washington Twp

Watchung

Waterbury

Watertown

Webster

WEST ALLENHURST

West Berlin

West Caldwell

West Covina

WEST CREEK

West Haven

West Hollywood

WEST LONG BRANCH

West Los Angeles

WEST MILFORD

West New York

WEST NEW YORK

West Orange

West Wildwood

WESTFIELD

Westminster

Westwood

White Plains

Whitesboro

WHITING

Whittier

Wildomar

Wildwood

WILDWOOD

Williamstown

WILLIAMSTOWN

Willimantic

Willingboro

Winchester

Winslow

Winton

Woodcliff Lake

Woodland Hills

Woodland Park

Woodridge

Woodside

Woolwich

Wrightstown

Yonkers

Youngstown

Yuba City

Yucaipa

Yucca Valley