Sale of Luxury Homes in New Jersey On the Rise

Sale of Luxury Homes in New Jersey On the Rise

According to recent reports, the number of sales for luxury homes in New Jersey is on the rise. Recent sales numbers have shown that while the total number of homes sold in New Jersey has decreased, the average dollar amount spent per home has increased. The reason for this rise is a steady increase in the sales of luxury homes in New Jersey, primarily in Bergen and Passaic County. Sales of luxury homes in New Jersey have seen a steady increase during the month of August, particularly in North Jersey. Higher-end properties are taking up a bigger share of the market, which has had the effect of boosting the median home price across the board. In New Jersey, the average price for homes sold in August was $285,000, which represents an increase of over $13,000 in comparison to July. And this trend extends beyond the bounds of the summer sales season. The number of home sales valued at over $200,000 has risen nearly 10 percent over last year, while the number of homes valued at $200,000 or less saw a dip of over 9 percent. Luxury homes in New Jersey have always gone for prices above the national average, largely owing to the increased cost of living in the garden state and property values ranking near the top of the nation. Despite the higher costs, people in the market for luxury homes still flock to the state as its proximity to Manhattan and Philadelphia make it an attractive option to professionals working in these two metropolitan centers. For these people, the home prices in New Jersey pale in comparison...