On average, the value of a home in New Jersey is $472K. Home prices in the state are much more expensive than a typical house in the U.S., which has an average value of $358K. That said, if you compare growth in median home values, New Jersey is slower than the national average — with 11% growth versus 13.5% over the same period, respectively.
If you’re a first-time homebuyer in New Jersey, MoneyGeek’s guide can help you understand and navigate the homebuying process without falling into deep debt. We broke down the importance of mortgage pre-approvals, the various costs associated with closing a mortgage and other significant New Jersey homebuying details.