Home prices soared for a second straight year in New Jersey during 2021.
After climbing 12% in 2020 they gained about another 15% in 2021. Those huge increases were driven by low interest rates, low inventory and a change in people’s priorities brought on by the pandemic.
The median home sale price statewide was $435,000 as of November 2021, the last month for which data is available. And homes statewide were selling at almost 102% above asking price.
But the luxury market is a little different.
Four of the five highest-priced home sales in the state sold for under the asking price. But they all sold for more than $11 million.
“When you’re at that price point, you aren’t going get multiple offers,” said Robert White, president of New Jersey Realtors. “That is an exclusive price point. It’s a very unique buyer. We don’t expect them to sell with multiple offers over asking price.”
The biggest increase in home sales statewide in 2021 were for homes that cost more than $1 million, according to data from the Otteau Group.
Sales of homes valued between $1 million and $2.5 million were up 27% from 2020. And sales of homes valued at more $2.5 million were up 19%.
That can be attributed to increased job security in 2021 and less reluctance to bring strangers in to look at their homes, said Jeffrey Otteau, a real estate economist and president of the Otteau Group.
Four of the five most expensive homes were on the Jersey Shore.
“The demand for a second home ... remains a top priority with COVID continuing to limit travel,” said Jack Vizzard Managing Broker of Berkshire Hathaway Fox & Roach.
And, the Jersey Shore is “one of the last real estate areas to take a hit and it recovers quickly,” said Michael Crovo of Compass Real Estate, the Beach to Bay Team.
Here are the houses that sold for the most money in NJ last year, according to data provided by the Otteau Group:
5. 130 74th Street Avalon, NJ - $11,150,000
The beachfront lot has unobstructed views from Avalon to Atlantic City.
The 6 bedroom, 6.5 bathroom home sold for $11.150 mil.
It was built in 2019 and spans 4,150 square feet.
This 4,150 square foot home, built in 2019, is on a beachfront 60 foot by 110 foot lot and has unobstructed views from Avalon to Atlantic City. It has 6 bedrooms, 6.5 bathrooms, an in-ground pool, outdoor kitchen, hardwood flooring throughout, three stories of wainscoting and an oceanfront living room.
It was listed for sale in August 2021 for $12.5 million. The price was lowered to $11.9 million in October 2021 and the home sold for $11.15 million in November.
The property taxes were $45,568 in 2020.
4. 1421 Ocean Ave. Mantoloking, NJ - $12,595,000
It sits on .82 acres and has panoramic views.
Built in 2016, the 7,491 square foot home was designed by renowned coastal architect John Lederer.
It sold for $12.595 million in September, more than $2 million above its list price.
Built in 2016 from the hand sawn Maibec Nantucket Cedar & custom woodwork by Micheal Fea and designed by renowned coastal architect John Lederer, this 7 bedroom 6 full and 3 half bathroom home sits on .82 acres, has panoramic views, 100 feet of ocean frontage, and a heated, saltwater pool.
This is the only house in the top five that sold above asking price. It was listed in June 2021 for $10.5 million and sold in September 2021 for $12.6 million. “We had three bidders on the property in a very short period of time,” said listing agent Jennifer Donovan of Compass RE. “They were all very persistent in pursuing it and we decided to go to a best and final, selling for almost 20% over list price.”
3. 2 90th Street and 4 90th Street Stone Harbor - $13,100,000
The two homes sold in one transaction for $13.1 million.
The side-by-side lots have 147 feet of ocean frontage.
This was a rare opportunity to score a double, oceanfront lot on coveted Seven Mile Island. The lots have a combined 147 feet of ocean frontage. The homes had a total of 8 bedrooms and 6.5 bathrooms. But the new owner has already torn them down to build one large home, listing agent Michael Crovo of Compass Real Estate, the Beach to Bay Team said.
“Right now beachfront is extremely desirable and there are only so many lots, and with limited inventory, in general,” Crovo said. “Rates are low. Money is cheap.”
2. 1067 Ocean Avenue Mantoloking - $13,750,000
Blue Arches sits on more than 2 acres with 210 feet of ocean frontage.
The 6,952 square foot home has 9 bedrooms, 9 full and 3 half bathrooms.
It sold for $13.75 million in June 2021.
This home, known as Blue Arches, sits on more than 2 acres and has 210 feet of ocean frontage. It has 9 bedrooms, 9 full and 3 half bathrooms, three fireplaces, a wood-paneled library, inlaid metalwork and original historic details. It was built in 1929.
The home was listed in April 2021 for $14.995 million and sold in June for $13.75 million.
1. 675 Ramapo Valley Road Mahwah - $26,000,000
Built in 1907 and known as Crocker Mansion and Darlington mansion, this estate has Jacobean grandeur but has been completely updated and expanded to include modern amenities, including its own spa with steam room, sauna, massage room and beauty parlor, theater, poker room, and cigar room
The 50,000 square foot home has 21 bedrooms, 19 full and 7 partial bathrooms.
It sits on more than 12 acres overlooking the Ramapo Mountains.
The most expensive house that sold in New Jersey in 2021 is known as both Crocker Mansion and Darlington Mansion. It’s a 50,000 square foot Jacobean style estate that was meticulously restored but includes modern amenities such as a spa with steam room, sauna, massage room and beauty parlor, theater, poker room, cigar room, indoor lap pool and 8-car garage. It has 21 bedrooms, 19 full and 7 partial bathrooms.
It was listed for sale in February 2021 for $39 million, reduced to $33 million in June and sold for $26 million in December 2021.
READ MORE:
Crazy bidding wars may be over, but home prices are still going up in 2022. Here’s what to expect.
Has the residential real estate market in N.J. peaked? Here’s what industry experts say.
Urban flight is over and other takeaways from the N.J. real estate market in 2021
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Allison Pries may be reached at apries@njadvancemedia.com.
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