New Jersey: New Jersey’s ‘Hottest’ Real Estate Market
The hottest real estate markets in New Jersey have already been set.
Here are the top five hottest markets in the state for 2018:1.
The Pembroke Pines, Fla.: This Palm Beach-area neighborhood is home to some of the hottest real-estate deals in the country, with more than $50 million in deals this year alone.
That number is likely to increase over the next two months, as the real-tor market is expected to warm up.
The market is also expected to hit $50,000 a pop by March.2.
Orange County, Calif.: With a median home price of $1.6 million, Orange County is among the hottest markets on the West Coast, and there are many potential buyers in the area who can afford to spend big on a home.
That means, for example, that a home with a $150,000 price tag could fetch more than double that amount in an instant.3.
The Bronx, N.Y.: While the Bronx is not known for its high prices, it is home one of the most affordable real-property markets in America.
The borough’s median home value is only $700,000, which is more than twice the national median of $300,000.4.
Las Vegas, Nev.: The Las Vegas-based market is known for having a very strong local real-tourism and leisure-travel scene, with a median price of just $800,000 for single-family homes.
That’s the fourth-highest median price in the nation, according to real-time data from Trulia.5.
Reno, Nev: The Reno-based real- estate market is in the middle of a boom, with prices climbing as the market for homes has soared.
The median home sale price is $1 million, which puts it in the top ten, and the median sale price per square foot is $2,500.
But with prices increasing as the economy improves, that number could fall over the coming months, said Andrew Smith, a real-investment strategist with Trulia in Orange County.
“That’s going to drive prices higher as the jobs boom starts,” Smith said.
If the housing market is heating up in the near future, it could make the Reno-Reno-Tahoe metro area one of, if not the, hottest markets for new homes, he added.
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