First they went up. Then they went down. And now home values are skyrocketing thanks to record low interest rates and low inventory.

It’s been a turbulent decade for home values, based on data from the U.S. Census Bureau’s House Price Index. And some places in New Jersey saw more growth than others.

Home values rose an average of about 10% each year between 2000 and 2006.

Then, from 2007 until 2012, home values fell an average of 5% annually.

They went on an uptick again between 2013 and 2019 when they rose an average of 3%. And last year they jumped about 12%, according to data from Jeffrey Otteau, a real estate economist and president of the Otteau Group.

North Jersey ZIP codes benefited more than South Jersey ZIP codes.

Hudson County occupies 13 of the 25 spots on the list where values improved the most.

“They’re all urban cities that give you a lot of walking access to restaurants, mass transit, nightlife,” said Andrew Shafran, branch manager of Liberty Realty in Hoboken.

“Then you have the ease of a brief commute to New York,” he said. “It’s been a primary factor along with value. You get more for what you’d be spending in New York.”

Of the ZIP codes where values increased the least, 12 of the 25 are in Atlantic County.

“It’s like the tale of two different cities,” said Tracey Newmones, broker and owner at Executive Realtors in Atlantic City. “They’ve always been totally different. North Jersey has always been much higher in price than South Jersey.”

The finances of the two ends of the state are completely different, she said.

“If we were being compared to another area in the lower price range, we would be able to compete,” Newmones said. “But the economy is different. Salaries are different.”

Newmones said that with the current booming market, she is getting a lot of clients from North Jersey who want to buy investment properties in Atlantic County because they were priced out up north.

“Right now, this is the hottest the market has ever been,” she said. “But the increases we’re seeing are still nowhere near North Jersey.”

• Jersey City (07307), Hudson County – 98.4%
• Jersey City (07301), Hudson County – 98.4%
• Jersey City (07311), Hudson County – 98.4%
• Jersey City (07302), Hudson County – 97.5%
• Jersey City (07306), Hudson County – 85.8%
• Jersey City 07304, Hudson County – 78.6%
• Weehawken (07086), Hudson County – 77%
• Union City (07087), Hudson County – 68.9%
• Vauxhall, (07088), Union County – 68.9%
• West New York (07093), Hudson County – 68.1%
• Harrison (07029), Hudson County – 65.1%
• Newark (07107), Essex County – 61.3%
• Newark (07108), Essex County – 61.3%
• Hoboken (07030), Hudson County – 61%
• Princeton (08542), Mercer County – 60.3%
• Stone Harbor (08247), Cape May County – 59.6%
• Strathmere (08248), Cape May County – 59.6%
• Lakewood (08701), Ocean County – 55.8%
• Roselle (07203), Union County – 52.4%
• Allenhurst (07711), Monmouth County – 51.1%
• Jersey City (07305), Hudson County – 50.9%
• Avon By The Sea (07717), Monmouth County – 50.9%
• Bradley Beach (07720), Monmouth County – 50.6%
• North Bergen (07047), Hudson County – 50.4%
• Newark (07105), Essex County – 47.5%

• Atlantic City (08401), Atlantic County – 17.3%
• Pedricktown (08067), Salem County – 12.8%
• Pleasantville (08232), Atlantic County – 12.5%
• Pennsville (08070), Salem County – 9.2%
• Abescon (08201), Atlantic County – 8.8%
• Trenton (08609), Mercer County – 8.5%
• Dorothy (08317), Atlantic County – 8.4%
• Linwood (08221), Atlantic County – 7.1%
• Mays Landing (08330), Atlantic County – 6.6%
• Egg Harbor City (08215), Atlantic County – 6.6%
• Elwood (08217), Atlantic County – 6.6%
• Trenton (08629), Mercer County – 6.2%
• Somers Point (08244), Atlantic City – 6.2%
• South Seaville (08246), Cape May County – 6.2%
• Columbia (07832), Warren County – 5.6%
• Delaware (07833), Warren County – 5.6%
• Egg Harbor Township (08234), Atlantic County – 5.6%
• Pomona (08240), Atlantic County – 5.6%
• Camden (08105), Camden County – 5%
• Northfield (08225), Atlantic County – 4.7%
• Trenton (08618), Mercer County – 4.6%
• Jobstown (08041), Burlington County – 4.2%
• Juliustown (08042), Burlington County – 4.2%
• Cedarville (08311), Cumberland County – 4.1%
• Palmyra (08065), Burlington County – 4 %

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Allison Pries may be reached at apries@njadvancemedia.com.

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Originally Appeared On: https://www.nj.com/news/2021/05/the-25-nj-zip-codes-where-home-prices-have-climbed-the-most-and-the-least-in-the-past-decade.html