Home values in New Jersey shot up more than 8% in the past year to bring the statewide typical home value to $497,292 in January, according to the latest figures from Zillow.
That’s second highest increase in the nation behind Connecticut since January 2023.
Nationwide home values were $342,941, according to the data.
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Hawaii, California and the District of Columbia had the highest home values. West Virginia, Mississippi and Louisiana had the lowest.
Zillow’s calculation of “typical home value” is a trimmed mean, and behaves like a median value would to get a more accurate representation estimate, Jeff Tucker, senior economist at Zillow told NJ Advance Media in an interview.
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Amira Sweilem may be reached at asweilem@njadvancemedia.com.
Read More: N.J. home prices surge 8%, second highest increase in nation