A Tale of Two Markets - Trenton NJ Up 13.3%

If you look at the US real estate market as a whole you would get the impression that we are in a pretty normal market. However, If you take a closer look at more specific markets there are some massive differences.

Zillow reports that for the whole country values have risen 4.3% in the past year. That looks very normal. But look at this

Since 2022:

Trenton, NJ is up 13.3%

Rockford, IL is up 11.8%

Savannah, GA is up 11.6%

Syracuse, NY is up 11.4%

On the flip side, during the same period

Austin, TX is down -18.7%

New Orleans, LA is down -13.7%

Idaho Falls, ID is down -9.7%

Punta Gorda, FL is down -7.8%

Real estate is local. The closer you zoom in the more differences you will see. Are values in Trenton up 13.3% across the board? Of course not. Within each of those metro areas are neighborhoods that are on either side of those numbers. One school district may see values even higher than a the one with under performing schools. Or newer built homes are out performing older neighborhoods.

The Broward & Palm Beach County Association of Realtors publishes market statistics every month and I usually post them in my newsletter. But those statistics don't tell the whole story. While averages tell us that values are up about 5% from a year ago, some segments are still on the rise and some are actually falling. Moderately priced homes in good school districts are doing fine. Some luxury neighborhoods that were popular areas to open an Airbnb are sluggish. Older condos subject to assessments are slipping in value as inventory rises.

We had a decade of mostly upward movement. What is happening in various parts of the country reminds us that markets do change. They also move slowly so we don't notice what is happening until it is obvious to everyone six months after the fact.

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Tom Day