Home values in New Jersey may decrease this fall, according to Zillow’s latest real estate forecast.
An analysis of over 500 ZIP codes in the state showed that most will see home values drop by 1% or less in July. However, five towns — Pedricktown in Salem County, Brown Mills in Burlington County, Jersey City in Hudson County, Pemberton Township in Burlington County and Gibbsboro in Camden County — will see decreases of over 1%.
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Meanwhile, home values in 158 ZIP codes are expected to increase. ZIP code 08102 in Camden County will top the list, with a rise of 3.8%.
According to Zillow, as homes stay on the market for longer, sellers may slash the prices as an incentive to buyers.
A note about the data: Zillow excluded some ZIP codes because it did not have enough data to project home values for them.
Check out how much home values are set to increase in your ZIP code.
Can’t see the table? Click here.
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Amira Sweilem may be reached at asweilem@njadvancemedia.com.
Read More: N.J. home prices to drop this fall. See full housing forecast.