An amazingly updated 19th-century townhouse close to the waterfront in Hoboken recently sold for $6.5 million, making it the most expensive property ever sold in the city. Big sales, however, are no surprise there.
This might be: A recent report by RedFin said Newark trailed only Bridgeport, Connecticut, for the area with the highest home price increases. Newark was up 21.6% year-over-year in November. The survey looked at the 85 biggest metropolitan areas. The average home in Newark sold for $435,000.
Newark wasn’t the only New Jersey city to benefit from the COVID-caused flight from major cities. Camden also placed in the Top 10 nationally, up 20%, with an average sale price of $240,000.
New Brunswick, the only other New Jersey location on the list, was up 15%, with an average home going for $380,100.
Nationally, homes were up 14% year-over-year. And they didn’t last long. In November, homes spent just 27 days on the market on average, the fastest pace for sales in at least eight years. And 35% of homes sold went for above asking.
The city with the lowest increase? That would be San Francisco — at just 1.8%.