Big life events play a major role in shifting real estate trends in New Jersey. The National Association of Realtors (NAR) noted that most people move for these reasons:
- Lifestyle changes
- Job opportunities
- Finances
- Cost of living
- Upsizing or downsizing
Let’s talk about each and how Morris County fits into the picture.
LIFESTYLE CHANGES
NAR said that in 2022, the average home buyer moved 50 miles from their respective residences to small towns or rural areas. That’s 35 miles more than how far people used to go.
Some movers were driven by a desire to slow down. Triggered by the recent pandemic, others relocated because they wanted to be happy.
In Morris County, residents – old and new alike – are surrounded, not by skyscrapers and busy streets but by parks and nature trails. There are four public golf courses here where they may unwind and a rink at the Mennen Sports Arena for showing off those cool ice-skating moves.
JOB OPPORTUNITIES
Now that many people are working remotely, some movers don’t need to live near work. They also have more time to pursue other hobbies and are looking to relocate somewhere that allows them to do this at a reasonable cost.
For those seeking new jobs, Morris County is also home to major employers in the pharmaceuticals, defense and engineering, healthcare, IT, and finance industries.
FINANCES
The previous year saw an upward trend in household income and down payments among successful home buyers. This growth in wealth signaled a willingness to purchase homes.
With more money in their pockets, a good number of buyers are now looking at the Morris County real estate market. The huge demand is putting pressure on the local housing inventory, resulting in a seller’s market. That said, buyers should expect competition as they make offers for homes for sale in the county. It helps to have a flexible budget that may be easily adjusted so that one’s offer will stand out and catch sellers’ interest.
COST OF LIVING
While living in New Jersey may cost more compared to other states, it’s still a more affordable option than living in New York City.
The median household income in Morris County is $130,808. Using Nerdwallet’s cost of living calculator, you’ll see that the same household would need to earn 26% more to enjoy the same lifestyle in Manhattan.
UPSIZING OR DOWNSIZING
Whether you’re young and ready to move into a bigger home or retiring and want a cozier place to live out your golden years, there’s a place in Morris County for you.
In 2022, Morris evaluated applications to construct almost 2,000 apartments in the county, ranging from luxury units to more affordable homes. In fact, construction has already started in Parsippany’s “The District at 15fifteen,” while plans have been announced to build new homes on 14.5 acres of Randolph Township land.
Interested in moving to Morris County? Let us at Frank DeZao Homes help you. Call 201.953.9376 or leave a message here today.