Demand for New Jersey Homes Continues

As city residents search for more space, New Jersey suburbs are still seeing a drastic rise in demand for houses.

Throughout the pandemic, we have heard that the demand for houses in city suburbs would increase and the month of July certainly was telling of this uptick in demand.  “Over three days in late July, a three-bedroom house in East Orange, N.J., was listed for sale for $285,000, had 97 showings, received 24 offers and went under contract for 21 percent over that price…On Long Island, six people made offers on a $499,000 house in Valley Stream without seeing it in person after it was shown on a Facebook Live video. In the Hudson Valley, a nearly three-acre property with a pool listed for $985,000 received four all-cash bids within a day of having 14 showings.”

In addition to crowded open houses, multiple bids, and offers above asking price, current New Jersey homeowners are receiving phone calls asking if they want to sell their homes.  These facts are staggering and show just how many people are seeking more space in city suburbs.  For years, many people have left the cities for more space and to raise families, but now, as many companies and workers have become much more comfortable with remote work during the outbreak, this indicates that the suburbs will remain very attractive for the foreseeable future.  

In July, there was a 44 percent increase in home sales for the suburban counties surrounding the city when compared with the previous year, according to Miller Samuel Real Estate Appraisers & Consultants.  The fall market should remain strong and we will see how long these trends continue.  

To read the full article, follow this link:

https://www.nytimes.com/2020/08/30/nyregion/nyc-suburbs-housing-demand.html