Houses were flying off the market in the second half of 2020.
Bolstered by low interest rates and the confines of the pandemic, many people sought new digs. First-time homebuyers, second home purchasers and folks fleeing the city fueled the sellers market.
Data from New Jersey Realtors indicates that these five New Jersey towns had the most closings on single-family homes last year.
Hamilton Township, Mercer County
Coming in at number five, Hamilton Township in Mercer County had 820 closings on single-family homes. It also had the lowest median home value on this list, at $274,500.
“People move south for the cost of living,” said Darlene Mayernik, a Broker-Associate with Keller Williams Premier in Robbinsville. “You get more for your money in Mercer than you would in Middlesex or Somerset counties.”
Proximity to the train station for New York City commuters, the New Jersey Turnpike entrances, good shopping and good schools likely helped close the deals, said Mayernik.
Last year the median value in Hamilton Township would have gotten a buyer a small three-bedroom, two-bath home. But not this year. “In the lower range, prices have gone up more, she said. “There are more buyers and more competition.”
Jackson, Ocean County
The town with the fourth-highest number of closings on single-family homes in 2020 was Jackson with 871. And the median home value there was $425,000 — the highest median price on this list.
Perry Beneduce, executive director of marketing for Diane Turton, Realtors, says the price there is higher because there is a lot of new construction.
“Jackson has more land and more land that’s available for new construction,” he said.
That price point would probably get a buyer a three- or four-bedroom home with two or two-and-a-half bathrooms, Beneduce said.
Cherry Hill, Camden County
The New Jersey town that came in third for the most single-family home closings in 2020 is Cherry Hill, with 1,004.
“That whole metro area is really, really attractive,” said John Wuertz of The John Wuertz Team in Mount Laurel. “It’s less expensive than central and northern New Jersey. So people come down to get a lot more for the money. We never have a problem selling a home in Cherry Hill.”
Cherry Hill is very close to Philadelphia. “You can get from the eastern side of Cherry Hill, into Philadelphia, without traffic, in as little as 3 minutes.”
Cherry Hill also has well-rated schools, parks, and the Cherry Hill Mall. “There’s something for everyone and you’re close to commuting routes like the New Jersey Turnpike, I-295, Rt. 130, Route 70, 73 and 38. Plus the high-speed line that goes into Philly,” Wuertz said.
The median value of single-family homes sold in Cherry Hill last year was $305,000, which would buy a three- to four-bedroom, two or two-and-a-half bathroom single-family home that “might need a little work,” he said.
Brick Township, Ocean County
The second spot on the list belongs with Brick Township, which had 1,238 closings on single-family homes last year.
“Brick covers all price points. We have homes from $100,000 through the millions so it provides the potential buyer with a greater opportunity,” said Beneduce, of Diane Turton, Realtors.
The median price there was $345,000 and would purchase a three or four-bedroom home with one-and-a-half to two bathrooms, he said.
Toms River, Ocean County
Neighboring Toms River topped the list with 1,919 closings on single-family homes last year.
“Toms River is large enough that it has access to water – waterfront and water views – it’s close to the Garden State Parkway, it’s an easy commute into the city,” Beneduce of Diane Turton, Realtors said. “It provided opportunity for a lot of folks who wanted to leave North Jersey and New York. The inventory was a lot higher there because it’s a larger area. There’s more opportunity because it’s a bigger town.”
The median home value in Toms River was the same as in Brick Township and would buy the same type of house, he said.
The majority of people moving there were seeking more space, backyards and quiet neighborhoods. “There was a huge influx because people who are working remotely and itching for more space opted to go to price points they can afford and Monmouth and Ocean counties provided that,” Beneduce said.
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Allison Pries may be reached at apries@njadvancemedia.com.
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