Home prices in New Jersey continue to rise amid limited housing supply and increased mortgage rates slowing growth. Typical home values range widely, with many cities in the New York-Newark-Jersey City metro area seeing 1-year price increases from around 3.5% to nearly 20%, and 5-year gains up to 86%. Some areas like Ocean City and Atlantic City also show significant price growth. The highest typical home value recorded is over $4.4 million with a 13.1% annual increase.