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Real Estate

Suburban New Jersey Homes Headed for Biggest Price Increase Since 2005

  • Lockdown driving the search for space outside cramped NYC
  • Buyers are seeking big houses with yards and room for offices
A Short Hills property Verducci listed for $3.675 million
A Short Hills property Verducci listed for $3.675 millionSource: John DePrima

Pandemic-weary New Yorkers, eager to escape the confines of city living, may push up suburban New Jersey home prices by the most in 16 years.

That’s the forecast by real estate consultancy Otteau Valuation Group for four counties close to New York City: Bergen, Essex, Union and Middlesex. The firm sees a dip in single-family home prices this year, followed by a 6% jump in 2021, the biggest annual increase since 2005.