New Jersey Home Prices Head for 12% Drop on Bottom-Feeder Feast

Ocean front homes stand along the beach on Long Beach Island in Long Beach Township, New Jersey.Photographer: Emile Wamsteker

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By Prashant Gopal

April 9, 2020 at 6:24 PM UTC

This article is for subscribers only.

The housing market in New Jersey is about to get crushed.

Home sales in the state, second only to New York in coronavirus cases, may fall as much as 45% this year from 2019, while prices will drop as much as 12%, according to Jeffrey Otteau, president of Otteau Valuation, a real estate consultant in Matawan, New Jersey.