"Perhaps surprisingly, the median sale price in the state of New Jersey [$443,775] was higher than in the state of New York in 2023 [$431,520]," says Realtor.com economist Hannah Jones.
"The recent surge in demand in New Jersey highlights how home prices are catching up to New York, and even surpassing it in some cases," Jones elaborates.
Guy Hobson explains, "These areas are attracting people from all over the country—not just New Yorkers, though New Yorkers do still account for almost 28% of the yearly migration."
"New Jersey has always been a popular place for young New Yorkers who have or are starting families, driving the demand for homes in the region," Hobson adds.
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