What Does 100k, 200k, and 300k Buy for a Home in NJ?

Young family of three in front of their bungalow.House hunters in the Garden State may be in for a pleasant surprise, thanks to recent reductions in several markets and historically low mortgage rates. Although NJ has the highest percentage of millionaire households in the nation, most of the state has affordable homes for sale. Here’s a sampling of what you may be able to get for your money in the third state.

In most of New Jersey’s counties, there are many affordable homes, condos, and townhomes to choose from. For 100k, it is possible to buy an older townhome or multi-family property, ranging in size from 2,000 to 3,000 square feet. Many of them would be suitable for investment properties, and due to the economic downturn, rentals are in great demand. For 200k, there are larger homes, with finished basements and larger lots.

The gated community trend is not prevalent here, however, for 300k, there are numerous upscale condo complexes that come with a full range of luxury amenities.

Real estate is also quite affordable in the Delaware River Region, where in Salem, Burlington, or Mercer, newer, larger homes are on the market for 200k-300k. For 100k, there is also a significant number of modest 1 and 2 bedroom homes and townhomes.

Home prices are also falling in the Greater Atlantic City Region, where oceanfront condos along the famous boardwalk are selling for as low as 300k.

Southwestern portions of NJ are also great for bargain hunters. In Camden and Cumberland counties, the average price for a 3 bedroom, 2 bath home is 220k.

Some of the state’s most expensive real estate is in the following counties: Sussex, Essex, Hudson, Ocean, and Monmouth. That’s not surprising, since much of that is in the Gateway and Jersey Shore area. In Jersey City, there are older condos (600 square feet) available for 300k. Finding deals here will be tricky, where according to Trulia’s February 2012 “heat map”, the average listing price begins at 450K. Also, homes near the coast along Cape May are listing for an average price of 513k.

Another positive for prospective home buyers is that 30 yr home loan rates are currently averaging 3.70% in the northeast according to Freddie Mac’s most recent market survey.

Tags: , , ,

Comments are closed.

Skip to toolbar