15 real estate markets that are sizzling hot

15 real estate markets that are sizzling hot

19 Mayıs 2018 - 02:00

It's spring, and that means the rush is on to close on a new home and get everything in order before school starts again in the fall. And in some places, the real estate market is sizzling hot.

If you're a long-time listener, first-time caller to this show, you may notice something a little different about this quarter's ranking: the little arrows, showing whether markets are trending up or down, are gone.

Well, turns out Zillow, our source for all things real estate, adjusted its algorithm and revised some numbers, changing the "peak" quarters of some markets.

The good news: The data's now more accurate.

The bad news: It's now impossible to compare the current ranking with previous ones.

And so we start again, fair followers of hot real estate. And the arrows will return next quarter.

In the meantime, we can still focus on what markets are seeing new highs and strong growth. Scroll through to find out the hottest markets in New Jersey right now.

(And if you're looking for the hottest bargain towns, check this out.)

A note about the data: This ranking was based on Zillow's ZHVI, an index that incorporates median home prices with seasonal adjustments. We filtered to markets that have seen their strongest growth in the past two quarters, then sorted by what markets had the strongest yearly growth. Jersey City figures were calculated separately based on data provided by a Zillow spokeswoman.

15. Hoboken

Current home value: $788,190

Yearly growth: 8.16

Hoboken is a strong city for working millennials. It's is a little younger than the rest of the state and is almost half non-family households.

14. Spring Lake

Current home value: $1,840,061

Yearly growth: 8.82

This one's for the retirees: a third of Spring Lake's population is over the age of 65.

13. Alpine

Current home value: $3,044,317

Yearly growth: 10.28

Alpine is the priciest municipality measured by Zillow, so it's surprising it has room to grow. It's also the smallest municipality on the list, with a population of only 1,500.

Erin Petenko | NJ Advance Media for NJ.com
12. Westfield

Current home value: $752,887

Yearly growth: 10.56

This town of 30,000 is one of the wealthiest in Union County. It also has a higher-than-average percent of married couple households, at 82 percent.



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