In the last few years, the real estate market in New Jersey has maintained an above average growth rate.
Just like most states during the recession, New Jersey suffered the full shocks of the financial meltdown. Foreclosures rose to an all-time high. In the subsequent years, New Jersey was still slow in its recovery. Zillow puts the median home valuation in the state at about $305,000.
It is not all gloom, however, as there have been some indications of a rebounding growth of home value in the past few months.
Below, Kevin Seawright looks at the home value growth rate in some of the towns in the state.
This quiet borough in Bergen County is probably not as famous as other towns in New Jersey. It is a small, affordable town but has seen the value of its homes rise exponentially in recent times. Carlstadt has experienced a 13.9% jump in median home value in the last year. Kevin Seawright, a financial and administrative operations expert attributes this to the proximity of the town with New York City. Being known as an affordable location has also helped to boost the value of homes.
This Cliffside town has experienced a home value growth of almost 25%. Situated in a hilly area that offers residents panoramic views of New York City, Weehawken has more space and is quieter that Jersey City or Hoboken. Kevin Seawright says that the scenic waterfront is an attraction. The transport system has also added to the increasing value. It is just an eight-minute ride to Manhattan across the Hudson River, while a ride to New York City takes just 11 minutes.
For those looking to stay just a river crossing away from New York City, Jersey City is the ideal location. Kevin Seawright, observes that home value in New Jersey has risen sharply, partly aided by booming business, increased entertainment investment and a luxury living lifestyle. The value of homes has surged in the last year, with the median home value hovering around $385,800.
New Jersey has one of the most ethnically diverse populations in the world. This means that different people will have different preferences in real estate. The financial expert says that with a colorful multicultural population, New Jersey’s home value might continue on an upward trend.
A thriving oceanfront town with magnetic tourist attractions, Asbury Park is on a rebound. The town has a rich history and is more affordable compared to many other locations in New Jersey. It is a tourist destination and a cultural melting pot. Asbury Park is vibrant in the arts and culture. Rejuvenated residential areas and other amenities that were neglected has seen the value of homes rise by up to 20% in the last year.
Kevin Seawright, however says that this upward trend might not be sustained despite Asbury Park being an affordable location.
As a financial expert, Kevin Seawright is well versed in matters real estate. His work in New Jersey with the Newark Economic Development Corporation as the Vice President and Chief Financial Officer is an indicator of an experienced professional.
To learn more about Kevin Seawright, and New Jersey’s recovery, check out his LinkedIn page here: https://www.linkedin.com/in/kevin-seawright-7869a052