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New Jersey Home Price Increases Show How the Pandemic Affected Real Estate

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New Jersey Home Price Increases Show How the Pandemic Affected Real Estate

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.

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