Typical home values increased in all 21 New Jersey counties in the past year with 10 counties having typical home values over $500,000, the latest Zillow data for September shows.
Cape May County topped the list with a home value of $680,176 in September, according to the data. Cumberland County had the lowest typical home value at $234,898, but saw the largest increase in home values at 9.25% since September 2022.
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The statewide typical home value was $494,792 in September, up 6.19% from a year earlier. Nationwide, the typical home value was $348,539, according to the data.
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.
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