NJ’s housing market is booming. How long will that last?

Experts say even with higher home prices, low interest rates make it a good time to buy

The pandemic brought with it a number of unexpected economic surprises, among them a booming housing market in much of New Jersey, with low inventory and intense competition among buyers often leading to bidding wars; average home prices are at the highest level in state history.

Contributing to the competitive real estate market, says Morris Davis, the Paul V. Profeta Chair at the Rutgers Business School, is that millennials are reaching the age when they’re starting families and looking for homes. Correspondent Joanna Gagis reports.

WATCH: Coronavirus can’t cool Jersey’s hot real estate market

MORE: Pandemic tax windfall for NJ: Receipts from house sales and liquor boost state revenues


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