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What Really Drives NJ Real Estate Prices

Performance Property Real Estate Question

Q: What is the main factor that drives NJ real estate prices? Kenny, Franklin Lakes, NJ

A: Great question, Kenny. In general, income more than anything else drives real estate prices–put another way, jobs and the local economy drive real estate prices. Depending on where you are in NJ, the big job centers are what drive real estate prices. In north and central jersey that driver is the NYC economy. In south jersey to a lesser extent, the economy in Philadelphia and Atlantic City drive real estate prices. The biggest driver of real estate prices in the state is the New York City economy.

Thanks for your question, Kenny. For more real estate information and tips visit my blog at geraldlucas.com.

 

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