In the last year, the pandemic has prompted some to rethink their living arrangements. For some, that’s meant dramatic shifts from urban to rural life; for others, it’s involved seeking out more space in a suburban setting. Just how much the pandemic has affected the nation’s real estate market is still an ongoing concern — and given that the pandemic is still a concern, this story is far from over. But data from one state offers a microcosm of how the last year has shifted real estate dramatically.
The state in question? The place where pork roll and Taylor Ham are debated with a Socratic intensity — New Jersey. (Full disclosure: I grew up in central Jersey; also, central Jersey absolutely exists.) A new report from Alison Preis at NJ.com compared single-family home prices in the Garden State from the first quarters of 2021 and 2020 and found a startling increase in what home buyers are paying.