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The suburbs where prices are rising the most and at the fastest rate include traditionally popular spots, vacation towns, and some smaller, lesser known areas. This mixed bag reflects a slew of additional benefits homebuyers look for outside of affordability. And while these areas have the fastest rising home prices, their price per square foot remains at a good value. Single-family homes in Lakewood, NJ increased by 47.6% from October 2019 to October 2020. The median listing price of a Lakewood home is $309,000. Realtor.com notes that although Lakewood is in close proximity to New York, it appears homes here are being listed and bought by residents rather than ex-urbanites.
1. Lakewood, NJ
Median listing price: $309,000
Percentage increase: 47.6%
Unlike the New York City–adjacent suburbs of northern New Jersey, Lakewood and other towns in the central part of the Garden State aren't relying mainly on stressed former urbanites for their influx of new residents. There are plenty of home sales coming from folks already in the area desperately looking to trade up—or scale down—in the wake of the COVID-19 pandemic. All that activity, along with skimpy inventory, has led to a price surge.
Lakewood also has an ample supply of 55-plus communities, where homes have been selling fast as boomers cash out the equity in their existing homes for more manageable condos and townhomes in communities that are known for their social vibes. Older adults can pick up a two-bedroom starting as low at $80,000 in a golf course community if they’re willing to put in a bit of work, or even find a fully renovated two-bedroom with marble and granite galore for just $169,000.
“Boomers are moving,” says Susan Miller, sales associate with Diane Turton Realtors. “It’s a seller's market right now, so you see people wanting to take advantage of that.”
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