Home Prices Soar In NJ: New Data Projects When They'll Peak

NEW JERSEY — Home prices in New Jersey were up more than 8 percent in October from the prior year, a new home price index shows. That's the highest increase of any state in the nation over that time period.

The cost to buy a house is expected to peak in early 2025 before slowing down, according to the new CoreLogic Home Price Index analysis, which was released Tuesday.

Nationally, home prices rose by 3.4 percent from October 2023 to October 2024, but are projected to slow to 2.4 percent by the same time next year, according to the CoreLogic Home Price Index released Tuesday. CoreLogic is a global provider of property analytics and data solutions.

U.S. home price growth slowed to just 0.02 percent from September to October of this year, the report said. CoreLogic analysts said the stagnation highlights relatively flat home price growth since this summer, only eking out gains in certain pockets of the country.

Although prices are slowing down, projections suggest prices for single-family homes could reach peak levels in April 2025. Right now, the median sales price of all single-family homes nationwide is $385,000.

Some markets saw robust growth, with Chicago edging out Miami as the metro with the highest home price gains, at 6.4 percent and 6.2 percent, respectively. And New Jersey outpaced Rhode Island for annual home price growth, recording an 8.1 percent increase compared with Rhode Island’s 7.5 percent uptick.

The Northeast has been particularly resilient to economic challenges, including slower job growth, higher interest rates, and ongoing housing affordability concerns, the report said. New Jersey, Rhode Island and New Hampshire — respectively at 8.1 percent, 7.5 percent and 6.3 percent — claimed three of the top five spots for year-over-year price gains. Rhode Island and New Jersey both saw new highs in home prices in October.

At the same time, Washington, D.C., Idaho and Montana all saw prices tumble in October from their previous highs, by -3.5 percent, -2.5 percent and -2.1 percent, respectively.

Even with the price declines, home prices in Washington, D.C., were still up 4.7 percent from the previous October. The only state to see a year-over-year home price decline was Hawaii.

Of the metros flagged by CoreLogic’s Market Risk Indicator at risk for a market price decline were Provo-Orem, Utah; Salt Lake City, Utah; Atlanta-Sandy Springs-Rowsell, Georgia; Tucson, Arizona; and Palm Bay-Titusville-Melbourne, Florida.