“The 49 most populous U.S. metropolitan areas all experienced at least double-digit growth in luxury-home sales during the three months ending Nov. 30. The biggest jump was in Newark, NJ, where sales of luxury homes skyrocketed 101.6% year over year.”
As we head into the second calendar year of this pandemic-fueled housing bull run, we seem to have encountered two word pairs that likely have not entered our collective consciousness in a single sentence in well over fifty years - “Newark, NJ” and “luxury homes.”
In all seriousness, the Northern NJ market has been a key beneficiary of the one major evidence-rich migration story of 2020, the once-in-a-generation outflow of residents from NYC that have also tilted definitively toward the upper end of housing stock. Despite my sophomoric attempt at humor, kudos to Redfin for illustrating the dispersion of trends across the housing stratifications.
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