The city, which has ranked in the top 10 since April 2023, saw homes selling nearly twice as fast as the national average, with a median list price of $434,000 – up 6.6% year over year.
Realtor.com reported Manchester, New Hampshire, followed in second place, while Philadelphia, New York City, and Kansas City saw the biggest jumps in market hotness.
In New Jersey, homes are selling in days and often well over the asking price. Joseph Aziz, a real estate agent in the state, says demand is fuelled by top schools, shopping, and parks.
“Ever since COVID started, the prices have been going up,” he said, adding that price drops only happen when properties are “aggressively overpriced.”
One standout example of the heated market came in Paramus, where Mr Aziz sold a five-bedroom home in just six days for $125,000 over the asking price. The buyers, eager to secure a home in a prime location, waived both the inspection and appraisal.
“Not at all,” he said when asked if he was surprised by the bidding. “I expected it to go over more.”
For the 17th straight month, only Northeast and Midwest cities made the top 20 hottest markets list.
Affordability continues to drive demand in the Midwest, while the Northeast attracts buyers with desirable living conditions.
Despite strong competition, price growth across these hot markets softened to 0.9% annually; the lowest recorded in Realtor.com’s data history.
