NYC 'mass exodus' to New Jersey suburbs is making housing less affordable
Fox Business • • business
Key Points:
- New Jersey's housing market is experiencing a significant surge, with prices rising nearly 6% statewide and Newark seeing a 6.7% year-over-year increase, the highest among the 100 largest U.S. metros.
- Real estate agent Amanda Cruz highlighted intense competition in suburban areas like Monmouth County, where multiple offers above asking price are common, making it difficult for average buyers to secure homes.
- The surge is driven by a "mass exodus" from New York City and Hoboken, as workers in finance, pharmaceutical, and biotech sectors seek more affordable housing with convenient transit access to the city.
- Housing supply in New Jersey remains well below pre-pandemic levels, with about 40% of homes selling above asking price, reflecting a local market rebalancing rather than a national correction.
- Experts suggest this trend indicates ongoing price discovery and a competitive market environment fueled by demand from city workers priced out of urban housing.
