New numbers confirm New Jersey’s real estate market was red hot through the end of 2021. According to New Jersey Realtors, home prices soared due to strong demand. At the end of the year, the median sales price for a single-family home reached $435,000 in New Jersey. That’s a 14.5% increase over last year. There were fewer homes for sale in 2021 compared with the prior year, so inventory was tighter, helping to push up prices. What’s happening in New Jersey is happening elsewhere. The National Association of Realtors says existing home sales are on pace to hit their highest level in 15 years.
Jersey City has lost an appeal over worker pay. The New Jersey Supreme Court has rejected the city’s request to hear an appeal of a lower court decision, ordering Jersey City to pay workers double-time per hour. The workers are members of Local 245, and the case specifically centers on what they were paid during a nor’easter in March 2018, when a state of emergency was declared. Jersey City didn’t immediately respond for comment.
A bill to get electric school buses on the roads of New Jersey cleared the Senate Transportation Committee today. The legislation requires the state DEP to develop and implement an electric school-bus program, providing $15 million in the first year. The bill is supported by both business leaders and environmentalists.
New York state may overtake New Jersey in Super Bowl sports betting. A report by PlayUSA estimates that the big game will garner $1 billion in bets for U.S. sportsbooks. With $160 million in bets placed in New York, where mobile sports betting was recently approved. New Jersey could see $130 million in bets. Eric Ramsey is a market analyst at PlayUSA and PlayNJ.com
