Towns faring worst since housing crash

Towns faring worst since housing crash

18 Temmuz 2018 - 02:00

When the housing bubble burst, every town in New Jersey suffered. Most places in the nation did. 

Much of the state has recovered considerably in recent years, but not everyone.  An analysis of real estate data from Zillow shows a handful of towns have a median home value of less than half of what it was 12 years ago, when the market peaked.  

 


 

A slow statewide recovery

Statewide, the median home value is still down about 30 percent, data show.  NJ Advance Media used Zillow's median home value index for analysis, which has monthly data for most New Jersey communities going back 20 years  

Looking for your town? You can use our searchable table to find it. 


 

Few winners

While some areas have fared better than most, there are actually only two towns in New Jersey with higher median home values than at the peak of the market: Hoboken and Weehawken.  

Outside of that, every other community remains down at least 4 percent. In general, towns closer to New York or Philadelphia with direct access to mass transit have fared best, while rural areas and the more far-flung suburbs have suffered.  

The near-collapse of Atlantic City has added downward pressure on prices in the vicinity, showing the impact New Jersey's once shining shore destination has on the region.  

Below are the 10 municipalities that have fared worst so far in the decade-plus since the bubble burst.  

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Kaynak:Nj.com

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