As NJ home prices skyrocket, whats Gov-elect Mikie Sherrills plan to lower costs?
The gubernatorial showdown in New Jersey finally came to an end on Nov.4, with residents electing Rep.
Mikie Sherrill (D) to the office over former Assemblyman Jack Ciattarelli (R).It was a closely watched race nationwide, and while electing either candidate would’ve meant change for the Garden State, Gov.-elect Sherill made plenty of housing promises in her campaign that her constituents are hoping she will live up to now that she has the office.Back in February, the state earned a C- on the Realtor.com State-by-State Housing Report Card, signaling a tough mix of high costs and limited construction in the area.Yet homes remain in high demand across the state.Cities like Wayne and Marlton landed on the Realtor.com Hottest ZIP Codes in America for 2025.
Listings in those areas saw 3.6 times more views and sold 30 to 42 days faster than the national average.However, buyers tend to be older and wealthier, with stronger credit profiles and larger down payments than typical U.S.buyers.So what exactly is the new governor-elect’s plan to improve the housing market in New Jersey—and what challenges lie ahead for her to do so?According to the National Low Income Housing Coalition, New Jersey faces a shortage of more than 200,000 housing units for low-income residents.
Additionally, more than one-third of New Jersey households are cost-burdened, spending over 30% of their income on housing, according to Harvard University’s latest State of the Nation’s Housing report.At the same time, parts of the state are red-hot markets.In fact, certain New Jersey counties within the New York City metro area saw the biggest jump in housing “hotness” rankings among large U.S.
metros, climbing 44 spots to become the 158th hottest market in September.And the momentum is growing.“The New Jersey housing market has been red-hot over the last five years,” Realtor.com Senior Economic Research Analyst Hannah Jones explains.
“At the onset of the pandemic, buyer demand in the...