New Jersey now has four counties with typical home values topping $600,000 as of July, as every county showed increases in prices from a year earlier, data from Zillow showed.
Nine counties had home values that topped a half million dollars. Cape May County had the highest typical home values at $665,905 in July, according to Zillow.
Mercer, Cumberland and Camden had the lowest home values in the state, but they saw the highest percentage gains in values since July 2022.
Statewide, the typical home value for July was $487,868, according to the data. Nationwide, the typical home value was $348,126 in July.
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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