From the Star Ledger:
For Manhattanites, the grass is greener on the Jersey side.
A recent survey by Miller Samuel shows it’s become more difficult to buy a nonluxury home – less than $3 million, and about 90 percent of the inventory in Manhattan – in the past few years. The study found the number of units available dropped by more than 36 percent year-over-year.
That’s why places like Hudson and Essex counties, which have easy access to Manhattan, have seen steady growth.
According to the July market report by Otteau Valuations Group, contract sales in Hudson County are up 21 percent year-to-date, and the largest growth sector – 9 percent – is in homes priced at between $1 million and $2.5 million.
In Essex County, sales are also up by 21 percent, and by 5 percent for homes worth more than $2.5 million.
At those prices, the owners can save enough money to pay landscapers to mow the greener grass.