From the Star Ledger, hat tip Yo:
It’s been more than a decade since housing prices in New Jersey began a seven-year slide highlighted by the Great Recession.
As of today, only two have made it back to where they began: Hoboken and Weehawken.
That’s according to an NJ Advance Media analysis of Zillow market value data, which has tracked home prices for 500 of the state’s 565 municipalities dating to 2006.
Other than the two Hudson County neighbors mentioned above, all remain below the peak where they began. As a whole, New Jersey has seen housing prices rise over the past two years as housing inventories in many markets have tightened considerably.
But when historical prices are adjusted for inflation, the state median home value of $317,000 remains 30 percent lower than it was in 2006.
While other towns, like Millburn and Jersey City, have earned back most of the losses, Hoboken and Weehawken are the only two towns that have posted positive gains.
The median home value in Hoboken has risen by more than 11 percent since the market peak in 2006, while Weehawken has seen a more modest gain of 1.5 percent.
If you eliminate the massive rise and fall of the housing bubble leading to the Great Recession, the state’s home prices have risen at a sustainable rate over the past 20 years. The gains many towns have seen since 2013, when the state hit bottom, have been substantial.