New Jersey’s Real Estate Surge: What’s Driving Its Outperformance

Somerset Development founder and CEO Ralph Zucker, along with Asbury Park resident Karen Nelson, spoke to Fox News Digital about the resilience and price appreciation of New Jersey’s housing market.

For years, many outsiders dismissed New Jersey as merely a turnpike linking New York and Philadelphia.

However, after being ranked the second‑best state to live in the United States — thanks to strong schools, low household debt and vibrant coastal communities — New Jersey’s advantage is no longer a secret. While national home sales have stalled, the state’s blend of high‑paying tech jobs, year‑round beach towns and innovative “metroburb” suburbs has propelled it to the forefront of home‑price growth.

“At the end of the day, it comes down to fundamentals — is this a great place to live, work, raise a family, and enjoy life? New Jersey offers all of that,” said Ralph Zucker, CEO and President of Somerset Development, in an interview with Fox News Digital.

“You have a little bit of everything, and we’re close to both New York and Pennsylvania — yet we’re no longer just a corridor between them,” he added. “New Jersey has truly come into its own; it’s always had this potential, and now the secret is out.”

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“I’ve lived in New Jersey my entire life,” said longtime Asbury Park resident Karen Nelson in a Fox Digital interview. “I love everything about the state — it’s convenient, and living down the shore is beautiful.”

Asbury Park has evolved into a year‑round destination for living, working and playing, according to Ralph Zucker and Karen Nelson. (Getty Images)

Data released in July by New Jersey REALTORS showed statewide median home prices 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 placed New Jersey at No. 2, citing its low premature‑death and obesity rates, among other factors.

Zucker has spent over three decades developing residential and commercial properties in New Jersey, and his firm has recently focused on creating “metroburbs” — suburban developments that retain urban amenities — while also responding to shifting workplace dynamics.

Bell Works in Holmdel, which Zucker describes as the world’s first “metroburb” and gained fame as a filming location for Apple TV’s “Severance,” was 98% leased as of 2025, with Zucker noting that rental rates have almost doubled since 2020.

“We coined the term to convey that you can enjoy a big‑city feel in a superb suburban setting — you can have your cake and eat it too,” he said. “If we could build that metropolis in the suburbs — eliminating the commute, the hassle and the stress of traveling to the city — we’d attract far more residents than we imagined. And that’s exactly what’s happened.”

Founded in 1871, Asbury Park now has a population of just over 15,000 residents. (Getty Images/stock / Getty Images)

“It took time for people to recognize its value,” Zucker said. “They now grasp the ‘metroburb’ concept — what it means to be in a great, inspiring place. Our approach is simple: work should be inspiring. You don’t need to be in a dull environment; you can work and feel inspired simultaneously, essentially living your life at work.”

Beyond shifting workplace dynamics, Jersey Shore communities such as Asbury Park and other parts of Monmouth County are drawing more year‑round residents instead of just seasonal visitors. Zucker noted that some Monmouth County shore towns have experienced year‑over‑year home‑price gains of 6% to 10%, outpacing certain Florida markets where prices have fallen.

“Many retirees head to Florida, but I’m not that type — though I know many split their time between states,” Nelson explained. “Asbury Park has become a true year‑round community, and I’m happy to be here.”

“I believe it will only improve,” she added. “People want to live here, new businesses — especially restaurants — are opening, and everyone wants to be part of Asbury. The town is poised to grow bigger and better; I’m excited about its future. Just last night we tried a brand‑new restaurant, and we already have reservations for another new spot next week. In a few years, I expect it to be even better.”

Asbury Park lies within the Jersey Shore region of Monmouth County. (Getty Images/stock / Getty Images)

After 17 years in Asbury Park, Nelson recently bought a pre‑construction unit at LIDO Asbury Park — a project financed with $211 million in construction loans secured by Somerset Development. A penthouse in the development sold for $7.6 million, establishing a new record for the priciest condominium sale in New Jersey.

Nelson added that purchasing a pre‑construction unit lets buyers avoid competitive bidding wars and lock in a price before construction is finished.

“With LIDO, the price is the price,” Nelson said. “Because it’s new construction, there was no bidding war — I recently sold my own place and didn’t encounter one, though I came close to asking. Meanwhile, many other markets are seeing prices far above market value, which is favorable, but at LIDO I’m locked into my purchase price even though completion is still a year and a half away.”

“The key point with new construction is that you secure the price up front, eliminating worry about future increases,” she continued. “Given that the market is likely to keep rising, locking in a price now is a significant advantage — who knows where values will go?”

An aerial view of Asbury Park in Monmouth County, New Jersey. (Getty Images / Getty Images)

Although some worry that new development is pushing buyers out of parts of Monmouth County, Zucker contends that high property taxes and elevated interest rates remain major obstacles for Garden State homebuyers, and that municipal zoning restrictions and prolonged approval processes limit housing supply.

“Restricted government policies drive up costs… Builders and developers aim to serve the public good,” the CEO said. “I take pride in creating great places for great people while running a business. When government removes unnecessary barriers and ensures we work with qualified professionals, housing supply rises and consumer prices fall.”

“The best way to safeguard the public interest while enabling development to proceed more efficiently is to let qualified professionals do their job,” he continued. “Government can protect the public and streamline the process, avoiding costly, lengthy applications and inspections that do nothing to safeguard safety but only add delay and expense.”

“In real estate, many advise developers to concentrate solely on the bottom line. I argue that the primary focus should be on the end user — the people who will live and work in these spaces. When you balance serving residents with a sound financial approach, you can create great places that are also profitable. That distinction is crucial.”

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