Home values statewide increased in January compared to the same time last year, Zillow data showed.
Of the 547 ZIP codes Zillow analyzed, 543 saw home values increase. Four places - Port Norris, Shiloh, Bridgeport and part of a ZIP code in Newark - saw home values decrease compared to the same time last January.
A ZIP code in the City of Camden, 08104, saw the largest increase in home values at about 20.05%.
According to a recent Redfin report, home prices increased nationwide and are likely to continue to rise.
In the report, Sheharyar Bokhari, senior economist at Redfin, said, “Prices will continue to rise consistently because it’s unlikely there will be enough new inventory to meet buyer demand.”
A note about the data: ZIP codes without enough data were omitted. Zillow calculates typical home values using a formula similar to the median, according to Jeff Tucker, senior economist at Zillow.
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Stories by Amira Sweilem
Amira Sweilem may be reached at asweilem@njadvancemedia.com.
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