Cape May County saw the smallest increase.
All 21 New Jersey counties saw home values increase this March compared to last year, according to the latest figures from Zillow.
Camden, Mercer Sussex, Somerset, Burlington, Morris, Gloucester and Essex all saw home prices rise over 10% since last year.Bernadette Augello, a realtor at Berkshire Hathaway with offices across South Jersey, said part of the reason why Cape May County didn’t see as large an increase was because home prices are already high, which makes homes more difficult to sell, especially when mortgage interest rates are so high.
According to Zillow data, the typical home value in Cape May was the most expensive in the state at $694,638 in March. “It’s a resort area, and I think their prices are always a little bit more than anywhere else,” Augello said.If you purchase a product or register for an account through a link on our site, we may receive compensation.
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