Home prices in New Jersey increased an average of about 15% last year. It was the second consecutive year of double-digit growth.
But there are places throughout the state where prices soared more than three times that amount.
The city of Camden saw a nearly 49% increase last year, with median home prices last year going from $60,000 to nearly $90,000.
Dennis J. Zisa, 35-year owner of Dennis J. Zisa & Associates, a brokerage and property maintenance firm in Camden, said the market is changing because a lot of investors are cashing out and first time homebuyers are moving in.
“It’s always great for a neighborhood to have the scales tipped to homeowners rather than renters,” he said. “It’s a better quality of life and there’s a reduction in crime.”
Zisa, who is nearing retirement, said he had a long-time tenant move out of one of his rental properties that he bought 30 years ago for $10,000. He renovated it and sold it for $100,000.
“It’s definitely having a positive impact on the neighborhoods as the housing stock is being renovated,” he said.
NJ Advance Media analyzed median home sale data from Redfin for each month of 2021. We included communities that had eight or more months in both 2020 and 2021 with 10 or more home sales.