Real Estate
Report: Home Values Drop Again While Housing Costs Remain High
Decline of nearly 17 percent since 2008 has seen statewide median value drop from $377,000 to $312,000
by Colleen O'Dea, NJSpotlight.com
The median value of a home in New Jersey dropped again last year, to just under $312,000, bringing the four-year decline in values to about 17 percent, according to new data from the U.S. Census Bureau.
Between 2011 and 2012, the median value of a home in the state decreased by 4.2 percent, to $311,600, estimates from the American Community Survey show. That’s a 16.9 percent drop from 2008, in the middle of the recession, when a typical New Jersey home was worth $364,000. In 2006, prior to the start of the 18-month recession at the end of 2007, the median home value was $377,000.
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