From the Star Ledger:
If you or anyone you know has been in the New Jersey real estate market, you feel the pain.
On the rebound from the housing crash, New Jersey real estate keeps getting hotter, and the battle of bids and demand for homes continues to get worse.
Home values have risen slightly, while inventory has plunged dramatically, making it harder to find a home in strong real estate markets, which tend to be Jersey’s most desirable areas.
All of that makes for a toughening market for buyers, especially in a state that already has one of the highest median home prices in the country, according to Zillow, a real estate website. Rent prices have remained stable, but they, too, are much higher than the national average.
Yet with homeownership getting more expensive, many people are choosing to remain renters, instead. About 36 percent of New Jersey homes were renter-occupied in the 2012-2016 Census snapshot, a 7.5 percent increase from 10 years before.