How Expensive is a House in New Jersey?

New Jersey is in the top ten most expensive states to own a home in America, according to a new study by the real estate company Agent Advice

New Jersey was named the eighth most expensive state to own a home, with a typical house price of $451,559 as of March 2023. Hawaii, California, Washington, Massachusetts, and Colorado round out the top five.

Hawaii is the most pricey, with house prices reported to be $834,583 as of March 2023. California is in second place, with a typical house price at $728,134 in March 2023, 115% above the national average. A home in Washington state costs around $562,936 while living in Massachusetts house prices were $558,313 as of March 2023, 65% more than the national average. Colorado ranks fifth as. typical house prices were $539,640 as of March 2023,

The study analyzed the typical cost of homes, as well as percentage and price increases from 2021 to 2023, in America.

Chris Heller, Co-founder of Agent Advice has commented on the findings: “The U.S. housing market is estimated to be worth $43.4 trillion in 2023. To take advantage of this, both consumers and agents alike must understand the ever-changing nature of the real estate market.” 

“Overall, there has been an increase in cost in the last three years throughout the nation. However, this research shows that there has also been a depreciation in multiple states over the last two years, showing a rise in more affordable housing. 

“In Hawaii, for example, the typical cost of housing increased by 25% in the last three years; this decreased to 2.98% in the last two years. So, it will be interesting to see if the cost of housing will eventually decrease.”