The unexpected reason New Jersey real estate is outperforming the rest of the country

For decades, outsiders joked about New Jersey being little more than a turnpike connecting New York and Philadelphia.

But with the Garden State recently named the second-best state to live in America — boasting strong schools, relatively low household debt and thriving coastal hubs — the secret is officially out. As national home sales stall, New Jersey’s unique mix of high-paying tech jobs, year-round beach towns and suburban "metroburbs" has transformed it into one of the nation’s leaders in home price growth.

"I think at the end of the day, it comes down to fundamentals, which is, is this a great place to live, a great place to work, a place to raise my family, to live out my life? And New Jersey has so much going for it," Inspired by Somerset Development CEO and President Ralph Zucker told Fox News Digital.

"You have a little bit of everything, and we're close to everything. We're close enough to New York, close enough to Pennsylvania, but we're no longer a place to connect New York and Philadelphia," he continued. "New Jersey has very much come into its own, and really it's always been there, but the secret is out."

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"I've lived in New Jersey all of my life," longtime Asbury Park resident Karen Nelson also told Fox Digital. "I love everything about New Jersey… It's just a convenient place to live, and it's beautiful to live down the shore."

Data released in July by New Jersey REALTORS showed statewide median home prices ranging between $540,000 and $585,000, reflecting a year-over-year increase of roughly 4.5% to 5.4%. Last week, WalletHub’s 2026 ranking of the best states to live in ranked New Jersey at No. 2, citing its low premature death and obesity rates, among other factors.

Zucker has spent more than 30 years developing residential and commercial spaces in New Jersey, and his firm has more recently leaned into the development of "metroburbs" — suburban spaces that don’t sacrifice urban culture — and changing workplace dynamics.

Bell Works in Holmdel, which Zucker bills as the world's first "metroburb" and became famous as a filming location for Apple TV's "Severance," was 98% leased as of 2025, according to Zucker, who said rental rates have nearly doubled since 2020.

"We coined the term literally to say that you can have a great metropolis in an awesome suburban location. You can have your cake and eat it, too," he said. "If we could create that metropolis in suburbia… without the commute, without the heartache, without all the stress that comes with getting in and out of, quote unquote, the city or downtown, we would have more subscribers than we could imagine, and that's exactly what happened."

"It took time for people to recognize it," Zucker said. "People understand the 'metroburb' model. They understand what it is to be in a great, inspiring place. Our entire methodology is: work inspired. You don't have to work in a mind-numbing place. You can work and be inspired at the same time. You could live your life at work."

Beyond changing workplace dynamics, some Jersey Shore communities, including Asbury Park and other parts of Monmouth County, have increasingly attracted year-round residents rather than only seasonal vacationers. Some Monmouth County shore towns have seen year-over-year home-price appreciation between 6% and 10%, according to Zucker, outpacing parts of Florida where prices have declined in some markets.

"A lot of people, especially when they retire, they go to Florida, and I'm not really a Florida type of person, and I know a lot of people do the half-and-half, which I thought about, but I love Asbury all year-round," Nelson explained. "It's become more of an all year-round kind of place. So [I'm] happy here."

"I think it's actually just going to get better. People want to be here, and a lot of new businesses are evolving, restaurants, and everybody wants to be in Asbury," she added. "So I think it's just going to be bigger and better. So I'm actually looking forward to the future of this town. We just went to a brand-new restaurant last night. We have reservations for another new restaurant next week. I think in a couple of years, it's even going to be better."

After living in Asbury Park for 17 years, Nelson recently purchased a preconstruction unit at LIDO Asbury Park, a project for which Inspired by Somerset Development secured $211 million in construction financing. A penthouse at the development sold for $7.6 million, setting a record for the most expensive condominium sale in New Jersey.

Nelson also said that buying a preconstruction unit can allow buyers to bypass competitive open-market bidding wars and lock in a purchase price before the home is completed.

"With LIDO, the prices were the prices. So there wasn't any kind of bidding war in that market because it was new construction. I just recently sold my place. So it didn't end up in a bidding war, but I got close to ask," Nelson said. "But a lot of places right now, they're going way above market. Which is nice. But [at] LIDO, I'm secure in my purchase price now, even though it's still a year and a half out."

"I think the big thing to remember is when you are buying new construction, you are securing that price, so you don't have to worry… You're still locking into that price," she continued. "So that's a big thing because the market right now is going to continue to escalate. Who knows where it's going to be?"

Amid concerns that new development is pricing some buyers out of parts of Monmouth County, Zucker argues that high property taxes and elevated interest rates remain major financial hurdles for Garden State buyers and that municipal zoning bottlenecks and lengthy government approval timelines suppress housing inventory.

"Restricted government policies raise the pricing... Builders, developers… We aim for public good," the CEO said. "I will proudly say that the way I make a living is by making great places for great people, but I do it as a business. So the less impediments that government puts in my way while making sure that I do my job correctly with the right professionals will actually increase supply and lower the price to the consumer."

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"The best way to protect the public interest and, at the same time, allow proper development to proceed at a better pace is to allow qualified professionals to do their job," he continued. "Government can protect the public and, at the same time, accelerate and not cause the cost associated with long and arduous application process, inspection processes that do nothing to protect the public, do everything to slow the process down and increase the cost to the consumer."

"People are going to tell you in real estate, as a developer, focus on the bottom line. And I'm telling you, focus primarily on the end user, on the people. Also, focus on the bottom line — if you do that, you'll be successful both at creating great places and being profitable. And I think that's an important distinction."

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