New Jersey’s hot real estate market may be showing signs of cooling down in the new year, with nearly one-third of towns expecting prices to decline slightly, according to Zillow’s latest forecast.
Zillow’s analysis of the 547 ZIP codes in New Jersey with sufficient data available found that 170 towns have modest declines in home price forecasts through January. Most of the declines were less than 1%, which is a departure from previous predictions where fewer than 20 towns were expected to see a decline in value.
Still, house prices are expected to rise by January in most of the towns analyzed. Whiting, a town in Ocean County, is projected to see the biggest increase in home prices at 2.2%.
Nationally, home prices are expected to rise 0.2% in January.
Notes about the data: Zillow’s calculation of “typical home price” is a trimmed average, which works similarly to the median to get a more accurate estimate. Postal codes without sufficient data were omitted. Zillow uses typical home prices and other variables to predict what home prices will be in the coming months.
See the table below to see how much home prices are set to increase in your zip code.
Can’t see the table? click here.
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Amira Swailem can be contacted at: asweilem@njadvancemedia.com.