Most sectors of the commercial real estate market in New Jersey have been badly hurt by the COVID-19 pandemic, but that’s not the case with residential real estate.
It turns out home sales in many parts of the Garden State are doing great.
According to Rutgers University economics professor James Hughes, an increasing number of millennials, looking to start a family, had started moving out of urban areas into suburban neighborhoods before the pandemic.
“And it’s probably been accelerated by the pandemic,” he said. “There’s been a lot of anecdotal evidence by the real estate industry that sales have picked up.”