The median price of homes sold New Jersey’s 25 most expensive towns ranged from $1.15 million to $2.94 million with five of those towns landing among the top 100 priciest real estate markets in the nation, according to Property Shark, a real estate data company.
Property Shark used closed home sales, rather than listing prices, between Jan. 1 and Nov. 20 to rank the most expensive towns by ZIP code.
Alpine topped the New Jersey list. Monmouth County had the most towns on the list with seven.
Home prices statewide are expected to increase by 5% this year, according to data from the Otteau Group. A year ago experts were predicting home prices would decline in 2023, but a more than 30% drop in inventory helped prices rise despite higher interest rates.
“It’s propping up home prices for the time being,” said Jeffrey Otteau, a real estate economist and president of the Otteau Group.
New Jersey’s top five towns also made Property Shark’s list of the most expensive ZIP codes in the country.
Are you an agent, buyer or seller who is active in this changing market? Do you have tips about New Jersey’s real estate market? Unusual listings? Let us know.
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Allison Pries may be reached at apries@njadvancemedia.com.
Read More: Ranking N.J.’s top 25 most expensive towns for home sales this year