A real estate agent passionately explains market challenges to a couple reviewing documents.
New Jersey’s housing market is surging, leaving real estate agents like Amanda Cruz struggling to secure homes for their clients. In a recent social media post that has gone viral, Cruz shared her experience of placing an offer $150,000 over the asking price, only to be outbid significantly.
“Someone else came in much higher than us. Like, we weren’t even in the ballpark,” Cruz lamented, highlighting the intense competition in the market.
Cruz’s experience reflects a broader trend in New Jersey. While the U.S. housing market saw a modest 0.5% growth in early 2026, New Jersey’s market has surged by nearly 6%, according to data from Cotality. Newark, in particular, experienced a 6.7% year-over-year price jump, the highest among the 100 largest metros in the country. The supply of homes remains below pre-pandemic levels, with almost 40% selling above asking prices.
Cruz attributes the surge to a “mass exodus” from New York City and Hoboken, as people seek more affordable housing in suburban markets like Monmouth County. The ease of transportation to the city makes these areas attractive to commuters.
Cotality’s findings support this, noting that workers are choosing New Jersey to avoid sacrificing their full paychecks while maintaining access to transit. Many of these commuters work in finance, pharmaceuticals, or biotechnology.
Selma Hepp, chief economist at Cotality, noted that these trends indicate a market that is rebalancing locally rather than correcting nationally, with limited sales and comparisons.
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