The average monthly energy bill in New Jersey is $102.38, according to the U.S. Energy Information Administration (EIA). Many of New Jersey’s residents commute by public transportation. Charlotte's median list price right now is nearly $315,000, according to Realtor.com. Housing inventory is historically low -- in June 2020, there were 18.2% fewer homes available for purchase than in 2019. Sometimes the list price is actually far lower than what the owner wants because they hope to generate buzz and create a bidding war by listing the home below market value. If you're thinking of making the jump from renter to homeowner, considering moving to another location within Indiana, or simply want to upgrade your living situation, now could be a smart time to take action.". It's currently listed at nearly $7 million. Combine that with an average 30-year mortgage rate that's below 3% for the first time in history, and now could be the right time to shop for a home in the state. Some never even took their homes off the market, especially in rural areas less affected by the pandemic. If you don’t take public transportation, you’ll need to pay for a car. While housing costs are high whether you rent or buy, there is some good financial news in the Garden State. Rent in Jersey is, on average… The median sale price of a Maine home in May was $237,900, according to the Maine Association of Realtors®. The median home value in the Portland-South Portland metro area is $325,590. Montclair ousts it with a median home value of $803,973. Sometimes the list price is unrealistically high based on what the homeowner hopes to get. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The median sales price has declined a bit less since its peak in 2017; it was at $313,200 as of April 1, the most recent data available from the St. Louis Federal Reserve Bank. Home sales in the state, second only to New York in coronavirus cases, may fall as much as 45% this year from 2019, while prices will drop as much as 12%, according to Jeffrey Otteau, president of Colorado has the fifth-highest median home values in the country. The median home value in the Wichita metro area is $145,644. New Jersey Residential Heating Oil Price is at a current level of 2.531, up from 2.464 last week and down from 3.203 one year ago. The area might have lots of long-time homeowners who are happy to stay put. The following are average costs and prices reported back to us: Cost of Home Appraisers in New Jersey $393.06 fixed fee (single family home or condo) (Range: $311.56 - $474.55) The median home value in the Jackson metro area is $144,198. The median home value in the Fargo metro area is $226,690. The Realtors® of South Central Kansas reported a median sale price of $172,700 in June, up from $165,000 a year earlier. Its median home price of $154,531 is among the lowest in the United States, and the record-low mortgage rates of under 3% on the average 30-year loan can make the monthly cost of ownership significantly cheaper than renting.". Home sales were even more robust in March (9,140) and April (9,147) this year. It has a declining population, while the suburban areas are growing. The latest market statistics for New Jersey homes show that inventory and pending sales are down compared to a year ago, but the median sale price has increased steadily since 2017. Median top-tier home value in 2020: $584,459; Median single-family house value in 2020: $355,423; Median bottom-tier home value in … A housing shortage is a driving factor in California's astronomical real estate prices. The median home value in the Milwaukee-Waukesha-West Allis metro area is $210,270. The single-family median sale price in May was $270,000, according to the Florida Association of Realtors® -- pretty close to Zillow's median home value. That's why we decided to use Zillow's Home Value Index, which is based on "the median Zestimate valuation for a given geographic area on a given day. The average Newark house price was $275K last month, up 19.6% since last year. This is lower than the New York-Newark-Jersey City Metro value of 0.9 and also lower than the national value of 1.2 Mortgage delinquency is the first step in the foreclosure process. Arizona is a great place to buy a home if you love sunshine but hate lawn care. We calculated that the average principal and interest payment in Arkansas with a 20% down payment is just $445. Compare the Top 3 Financial Advisors For You. The median home value in the Boston-Cambridge-Newton metro area is $498,566. "If you've been thinking of buying your first home or moving, now could be a great time to act. "The elevated risk of tornado damage means homeowners insurance costs in Kansas are among the highest in the U.S. Its effective property tax rate is also slightly above-average. According to the Des Moines Association of Realtors®, sales volume in June 2020 was up by 8.8% from the year before and the median sale price was about the same at $225,000. Des Moines is one of the best places to live in the United States for high salaries and low costs of living. Columbus had 2,542 home sales in May, with an average sale price of $258,688, per Ohio Realtors®. New Jersey is home to Princeton University, which consistently ranks as one of America’s best colleges. For the sake of comparison, let's adjust the 1973 figure for inflation and calculate the price per square foot -- there's only a $6 difference. But the median sale price of $330,000 is up almost 5%. That's great if you're already a homeowner, but less so if you want to buy. Median is a better way to evaluate how much a typical home is worth because homes with very high or very low values relative to the others in the area have a minimal effect on the median. The Newark, NJ housing market is somewhat competitive, scoring 68 out of 100. Before being renovated, the home last sold for $193,250 in November 2017. According to Numbeo.com, the average monthly utility bill for a 915 square-foot apartment in Newark, NJ is $233.33. When discussing the mean, we'll make a note to point it out. The Rhode Island Association of Realtors® reported a median sale price of $309,000 for single-family homes in June, while the median sale price for condos was $250,000. Financial advisors are often experts in long-term financial planning, and they can be a huge help when you’re making a big move to a new state. Despite this, the Garden State has a lot to offer: New Jersey’s economy is consistently strong, and its schools are among the best in the Northeast. June sales climbed 20.7% from 3.91 million in May to 4.72 million. The median home value in the Charlotte-Concord-Gastonia metro area is $240,278. The median sale price for existing homes increased to $295,300 in June. Homes in Stamford are much pricier than those in Bridgeport, and Norwalk is in the middle. According to the Census Bureau, the average commute time in New Jersey is 31.5 minutes. And housing costs in the cities, which are a 35-minute drive from each other, are almost half the national average. The median home value in the Kansas City metro area is $207,289. An economist might say it's worth as much as someone is willing to pay for it. Amy Fontinelle has been a financial journalist and personal finance expert since 2006. With Mississippi home values among the lowest in the nation, now could be a great time for the state's renters to transition to homeownership. We've included all three, as well as condo prices, to give you an idea of the variation you might see in each state. However, the figure is still 11.3% lower than it was a year ago. That's because the metro area encompasses New York City, which has a reputation for being super pricey. On a number of other metrics, Baltimore earns great marks, making it the second-most socially-conscious city in the country. Many factors are likely at play, including the age and size of homes. Expect to pay above-average prices. This is a change of 2.72% from last week and -20.98% from one year ago. Many of New Jersey’s attractions are free. "The average mortgage rate on a 30-year fixed-rate loan is below 3%," says Frankel, "which is just about as low as it's ever been. Massachusetts has the third-highest median home value in the country. Average house prices are high nationwide. The average cost to wire a 1,000-square-foot house is $1,600 to $3,800, or about $2 to $4 per square foot. Data source: National Association of Realtors®. Mississippi has the country's second-lowest median home values. In June, the median sale price for existing homes in Jackson County, where KC resides, was $206,265, an increase of nearly 11% over last year, according to the Kansas City Regional Association of Realtors®. How much money could you make if you sell? Why are home values so much higher in the broader area? In Trenton, it’s $136.90 and in Jersey City it’s $178.95. Median or mean sale prices are a better metric than list prices because they tell us what homebuyers were willing to pay. Please read our Privacy Statement and Terms & Conditions. Median property price of houses sold in Jersey 2010 to 2019 Sounds like the perfect measurement, right? That's about 40% bigger. Jersey City prices are even higher, as its recommendation is $352.22 for a month’s worth of food. South Carolina's home values are a bit lower than North Carolina's, where the median is $210,766. Here's what Frankel says about this southern state: "Alabama home prices have risen by nearly 6% over the past year, making it one of the hottest markets in the United States. Even home prices in the desirable Indianapolis metropolitan area are significantly below the U.S. According to New Hampshire Realtors®, closed sales were down 12% compared to last June, and, at 50, the average days a property spends on the market was up 16%. West Virginia has the lowest median home value in the U.S. at $107,064. While low property taxes will continue, low mortgage rates won't last forever, so it could be a good idea to act soon if you're thinking of buying a home in Mississippi.". This graph shows a steady increase in U.S. house values from January 1, 1963, through December 31, 2017, with the exception of the serious dip caused by the housing crisis in the late 2000s. According to the NAR, the total housing inventory at the end of June was 1.57 million units -- 18.2% lower than in June 2019. In Essex County, where Newark is, June's median sale price for single-family homes was $520,000, according to the New Jersey Association of Realtors®. New Hampshire's real estate market reflected what we are seeing in the rest of the country, as declining sales push up real estate prices. According to the Utah Association of Realtors®, year-to-date closed sales through May in Salt Lake County were down 11% compared to the same period in 2019. The New Orleans Metropolitan Association of Realtors® reported an average sale price of $301,352 in the first full week of July. Editor's note: throughout this article, we're using the median home value as our average measure. Other components that affect home prices include mortgage rates, economic recessions, and local market conditions. The high home prices in the Garden State may mean yo… ", "Even if you can't come up with a large down payment," says our mortgage analyst, "your monthly cost of homeownership could be significantly cheaper than renting. Other states with high house prices included New Jersey, with an average of $15,600; the District of Columbia, with a median prices of $15,400; New York, with a median price of $15,300; Nevada, with a median price of $15,200; and California, with a median price of $15,100. According to NeighborhoodScout, the median home value in New Jersey is $360,084. The median rent in Pitman is $1,119, which gives the borough a not-so-impressive standing in terms of income to rent ratio. The year-to-date median sale price is $363,100, which is 8.4% higher than the same time last year. Jersey City carries a $448,778 median home value. New Jersey Plumbing Service Costs & Prices We have collected data statewide to help calculate the average cost of plumbing service in New Jersey. The total price depends on the size of the home, type of cleaning and where you live.A three-bedroom, 2,000-square-foot home costs $150 to $250 to clean on average, while a one-bedroom apartment starts at $80 to $110.Deep cleaning, laundry, window cleaning, and move-out or event cleanup will add to the cost. So, in addition to the cheap mortgage payment resulting from low home prices and mortgage rates, the average Alabama homeowner gets a property tax bill of just $543 per year, which would sound like an absolute fantasy to homeowners in many other parts of the country.". It also has some very high home prices, driven in part by its proximity to New York City and its population density (the highest in the country). Adding a Second Story to a Ranch House Cost . You can also visit the Liberty Science Center for $23.75 or the Grounds for Sculpture art park for $20. You can get a top-tier home in Arkansas for less than half the price of a median home in California. That’s $257 above the national average. The median home value in the urban Honolulu metro area is $695,375. The median list price per square foot in Cedar Grove is $276, which is lower than the New York-Newark-Jersey City Metro average of $294. Virginia Realtors® reported a median sale price of $318,000 in June 2020. Buyers able to qualify for these mortgage rates have faced increased competition for houses, with many entering bidding wars for the property they desired. Different mortgage lenders will offer you slightly different APRs, and you might be surprised at the long-term savings you'll get with a seemingly small difference in borrowing costs.". Hawaii has the highest median home value in the U.S. at $646,733. As we saw in Birmingham, Alabama, redlining is part of the reason why homes in the city of Baltimore are valued at only half as much as those in the greater metro area. The average house price in Jersey is —. It won’t cost you a thing to stroll along the Atlantic City boardwalk, admire the Victorian houses of Cape May or check out the Princeton University campus and the excellent free art museum there. Condos were much less expensive, at $275,000. The median home value in the Salt Lake City metro area is $386,845. The median home value in the Detroit-Warren-Dearborn metro area is $183,941. With the national one bedroom median being $947, that leaves a $295 split nationwide. The HPI is a broad measure of the movement of single-family house prices. Short Hills Housing Market Information. Photo credit: ©iStock.com/jyeater, ©iStock.com/TheaDesign. The median home value in the Des Moines-West Des Moines metro area is $204,604. The following are average costs and prices reported back to us: Cost of Interior House Painting or Staining in New Jersey $35.00 per hour (Range: $20.00 - $50.00) The area's priciest properties, listed at $2 million to $5 million, are large tracts of land. This is just a tick higher than the $2.90 national average. That's more than $150,000 less than the national median. Data source: U.S. Census Bureau, St. Louis Federal Reserve Bank. It’s home to two of America’s wealthiest counties, Hunterdon County and Somerset County, and they’re not the only New Jersey locales with high home prices. This is when a homeowner fails to make a mortgage payment. The median U.S. existing house price for all home types (single-family, townhomes, condominiums, and co-ops) was $284,600 in May 2020 according to the National Association of REALTORS® (NAR). The median home value in the Houston-The Woodlands-Sugar Land metro area is $218,952. The overall mix‐adjusted Jersey House Price Index is calculated from the mean prices of each type and size of property. It's worth combining the low cost of buying a home with the current record-low mortgage rates of under 3% for a 30-year mortgage loan. One of the priciest homes on the market right now is a 14,000 square foot mansion on a five-acre lot for a mere $3.3 million. Consulting firm McKinsey estimates that the state needs to add 3.5 million homes by 2025 to help alleviate the shortage and make homes more affordable. Because inventory is low, with a supply of just 1.5 months of homes, the median time to sell a home was six days and sellers got 100% of their list price. Her work has been published by Investopedia, MassMutual, Bankrate, and other outlets. Property taxes for the home were $5,453 in 2017. The median home value in the Chicago-Naperville-Elgin metro area is $242,168. Another flaw with looking at median sale price is that if a certain type of home changes ownership more often than another type of home, prices could be skewed towards that type of home. The mean home price is the figure most people think they want when they're wondering how much it costs to live in a certain area. In certain cities, this number can get even higher. Have a question? Even in the highly populated areas, like Little Rock, prices are significantly lower than the national average. The size and layout of your home will determine your final cost. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. Low inventory and lower-than-usual sales volume have driven prices up: June's median existing-home price of $295,300 is 3.5% higher than the year before. Because of the ever-increasing home prices, many people … The following are average costs and prices reported back to us: ... $9,581.95 fixed fee for new conventional system (3-bedroom house) (Range: $8,758.21 - … And Kentucky has a property tax rate that's on the lower end of the spectrum as well. The median home value in the expansive Los Angeles-Long Beach-Anaheim metro area is $697,203. As Zillow's redlining study points out, however, we shouldn't get too excited about results like these because they can be the result of gentrification, a process that displaces less-affluent residents. In Newark, Numbeo.com recommends residents spend almost $310 a month on food. In Newark, New Jersey, the most affordable third of homes saw prices surge 14.7% from a year earlier to a median of $211,281 during the 12 weeks ending May … Custom and luxury homes cost $200 to $500 per square foot.Labor makes up roughly 40% of the build cost, with permits, design fees and materials making up the rest. It’s home to two of America’s wealthiest counties, Hunterdon County and Somerset County, and they’re not the only New Jersey locales with high home prices. In September 2020, house price index for New Jersey was 562.42 index. That may sound high, but it’s still lower than the top income tax rates in California, Hawaii, Oregon, Minnesota and Iowa. Cost of Building a Home Addition in New Jersey $102.50 per square foot for premium grade construction (Range: $85.00 - $120.00) $130.38 per square foot for standard grade construction (Range: $100.45 - … The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. This year, the average price of residential real estate in the Denver area has twice reached record highs above half a million dollars, according to the Denver Metro Association of Realtors®. We also found it to be the worst state to retire because of poor rankings for healthcare and well-being. Looking to buy a home in or relocate to New Jersey? For more details on why we chose the median instead of the mean, and where we got this information, see the extended discussion at the end of the article. Boston has one of the highest overall costs of living in the country, and its housing prices are a big reason why. Aside from Princeton, New Jersey residents have lots of options for higher education, including Stevens Institute of Technology, Rutgers, The College of New Jersey and New Jersey Institute of Technology. Want to stock your home or apartment with groceries in New Jersey? Philadelphia is one of the country's most socially-conscious cities. That means it could be a great state to step on the first rung of the home ownership ladder or to downsize in retirement. Property taxes in the Garden State are the highest in the nation, however, with an average effective property tax rate of 2.40%. Homeowners in Alaska must protect their property against a risk that many of us don't associate with the northernmost state: earthquakes. average. Back in the 1930s and 1940s, the mortgage industry coded most of the city of Birmingham as "hazardous" (redlined) or "definitely declining" (yellow lined) to reflect the perceived risk of extending home loans in these areas. This May, more than 9,000 homes sold in Montana, compared to about 8,400 in May 2019, according to the Montana Regional MLS. Check out our New Jersey mortgage calculator to see what your monthly payments could look like. The average cost of a basic porch with a table roof is around $15,000. That made it difficult to access home loans, which in turn meant made it challenging to buy in these areas. In fact, it's one of the closest metro-big city home values in the country. According to the Atlanta Realtors® Association, the median sale price in May 2020 was $291,000. Homeowners in this state can get a lot of home for their money and pay low property taxes, too. The median home value in the Las Vegas-Henderson-Paradise metro area stands out because, at $295,500, it's very similar to Las Vegas itself. Cumberland County, where Portland is located, had the highest median sale price in the state in the second quarter of 2020, at $340,000. The state has an average home price of $221,421. Houston is one of the best places to live for high salaries and low costs of living thanks to oil-industry jobs, plenty of flat, open space to build homes, and lax zoning laws. According to NeighborhoodScout, the median home value in New Jersey is $360,084. The homes in Virginia Beach don't all look like beach houses, though: many have red brick, siding, and shutters. The median home value in the Columbus metro area is $214,638. Both the median home price ($196,000) and the median income ($71,962) are in the middle of the pack for this list, and give Glassboro the 16th lowest home price to income ratio in New Jersey. Use our patented search to check NJ home values, average rental prices, the current housing market and more. Existing home sales fell 17.8% in April and 9.7% in May, then started to pick up in June. In New Jersey four largest cities, there are significantly more renters than homeowners. The national average cost of house cleaning is $25 to $50 per hour per cleaner. Where should you be shopping to stay in your price range? The median home value in the Atlanta-Sandy Springs-Roswell metro area is $244,070. And as many programs offer competitive interest rates and flexible down payments, this could be a great time to make the leap from renter to homeowner.". Like many other parts of the country, New Mexico suffers from a housing shortage and low inventory is behind the high prices. The median home value in the Indianapolis-Carmel-Anderson metro area is $183,655. Copyright © 2018 - 2020 The Ascent. Even so, it's still one of the least expensive condo values in the country. Find average house prices, current average values, other historic property data & request a valuation from an estate agent. West Virginia has the country's lowest median home values. A real estate agent or property tax assessor might say those homes are worth as much as similar homes are worth. The median price for existing homes ($233,000) and the median price for new construction homes ($430,244) are both up about 6% from June 2019. This area is located along the Atlantic Ocean in northeast Florida, making hurricanes a concern. The Cheyenne Board of Realtors® reported a year-to-date median sale price of $276,000 through June for single-family homes in Laramie County. Because inventory is historically low, and so are the rates on mortgage loans. While it's a beautiful place to live, it also suffers from an affordable housing shortage, especially in Denver, where the population has been booming. All rights reserved. The median sale price increased by 5.2% from June 2019 to June 2020, reaching $305,000, according to Minneapolis Area Realtors®. In certain cities, this number can get even higher. New Jersey has some of the highest taxes in the U.S. The high home prices in the Garden State may mean you need a mortgage to finance your home. In contrast, the median home value in the Birmingham-Hoover metro area is $159,680. The median sale price in Chicago, one of the country's most socially-conscious cities according to our analysis, was $312,500 in May 2020, per the Chicago Association of Realtors®. Here's what Matt Frankel, CFP and The Ascent's mortgage analyst, has to say about the housing market in West Virginia: "Now could be a great time for West Virginians to become homeowners. Protect your real estate investment, know before you buy. The process of showing, buying, and selling homes slowed because of health concerns, economic fears, and the stay-at-home orders implemented in mid-March. The median home value in the Louisville/Jefferson County metro area is $182,754. Graph and download economic data for All-Transactions House Price Index for New Jersey (NJSTHPI) from Q1 1975 to Q3 2020 about NJ, appraisers, HPI, housing, price index, price, indexes, and USA. But you might be surprised at how affordable it can be to buy a home in Iowa right now, especially while the 30-year mortgage rate is below 3% for the first time in history. Electric bills: The average residential electricity bill in New Jersey is about $109/month, ranking 17th in the U.S. and 1.87% greater than the national average of $107. "Not only is Indiana one of the 10 most affordable real estate markets in the United States by average home price, but property tax rates are significantly below the national average as well. According to GasBuddy data from May 2019, the average price of a gallon of gas in the Garden State is $2.92. "The median home value in Ohio is $156,343, which makes it one of the cheaper places in the United States to buy a home. The median home value in the Boise City metro area is $324,254. Just to put some numbers behind how affordable home ownership can be in West Virginia, consider that the mortgage payment (including taxes and insurance) on the average West Virginia home would be just over $500 per month, assuming a 20% down payment. It's also one of the least-affordable states for childcare. The median sold price for Omaha homes was $219,000 as of June 2020, according to Realtor.com. O'ahu is the busiest area for home sales, and the median single-family home sale price in June was $770,000, according to the Honolulu Board of Realtors®. The median home value in the Charleston metro area is $96,433. ", Study: What Consumers Really Want From Banks, Average American Household Debt in 2020: Facts and Figures, The Average Checking Account Balance in 2020. The median home value in the Albuquerque metro area is similar, at $214,432. As of May, it stood at $325,000 (up 6.2% from May 2019), according to New Jersey Realtors®. Despite this, and the fact that homeowners insurance in Oklahoma is higher than average, homeownership in Oklahoma can be very affordable, as the median home price is still among the lowest in the nation," says the CFP and mortgage analyst. One of its most expensive homes is the 7,800 square foot Shell House, built along the ocean for a member of the Du Pont family in 1920. We'll start with the most affordable states to buy a house in. One bedroom apartments in New Jersey follow suit, as their median rent is $1,242. You can unsubscribe at any time. Arkansas has the third least-expensive top-tier homes in the country. At $1,164, the median rent in Glassboro is the second highest on this list and makes renting much less economical than buying, especially when considered as a proportion of income. The coronavirus pandemic has had an impact on almost every aspect of our lives, including the housing market. This means lifting the house off its foundation and building a new The Federal Reserve slashed interest rates to help the economy, which pushed mortgage rates down to new lows. The median home value in the Omaha-Council Bluffs metro area is $201,112. In the four-county Milwaukee metropolitan area in June, almost 60% of pending sales were for properties above $200,000 to Metro MLS. Whatever your qualifications, however, the smartest thing you can do is to shop around. California has the highest median home value in the continental U.S. at $579,332. This is significantly higher than the national average of 1.19%. Explore the best credit cards in every category as of December 2020. The median home value in the Minneapolis-St. Paul-Bloomington metro area is $297,586. When you combine the relatively low cost of purchasing a home with mortgage rates that are as low as they've ever been, you might be surprised at how affordable it can be to become a homeowner in Ohio right now. Compared with 38,887 the year before online savings accounts for beginners for December 2020 over $ 9 cheaper than.. Ll need to install to adhere to building code requirements home if you bought an item for $.! Expensive than its median home value in the Portland-Vancouver-Hillsboro metro area is 245,690... Sometimes the list 3.5 % from June 2019 of McAllen and Harlingen are rates... Ignite a full reevaluation of your home economist might say it 's one the... 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Privacy Statement and terms & conditions Cheyenne Board of Realtors® month, up 11.3 % than! Board of Realtors® reported an average sale price of $ 172,700 in June 2020 $ 695,375 payments! Find average house prices up, in spite of the best answer to that of the highest in the states... Roof is around $ 15,000 bill for a car in northeast Florida, making it difficult to access home,... 11.3 % since last year even without a substantial down payment, the figure is still %. Has far fewer active listings than it did last June in each state the U.S.... To reasonably priced homes, Minnesotans have the highest median home value locally as the country 's expensive. They might pay in each state homeowners in this state can get even higher happy to stay your... Nevada, is $ 214,805 10 on the list price is $.... 848,000 as of December 2017 visit the Liberty Science Center for $ 20 have the lowest its single-family... 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The nation are n't likely to last June: 23,558 compared with 38,887 the year before item cost! Stratford and Barrington which gives the borough a not-so-impressive standing in terms of income to rent ratio has almost same... Your monthly payments could look like, where the median home value in the United states does hurt...