As someone who has observed the real estate in this area for decades, I can say that Jersey City is one of the places that has changed the most in a short period. Thanks to its location right across from Manhattan, former industrial areas have transformed into high-rise condo complexes, and in the process, property values have fluctuated significantly.

Looking at the median home prices, it appears that what was around $580,000 in early 2021 has risen to about $790,000 by mid-2026. This represents a cumulative increase of approximately 36% over five years.

Reflecting on the trends of the past five years, from 2021 to early 2022, demand from New York combined with low interest rates caused prices to soar. From the second half of 2022 to 2023, rising interest rates led to a contraction in transactions, resulting in a correction period. However, starting in 2024, despite a steady supply of new constructions, a gradual upward trend is re-emerging, particularly in popular areas like downtown and Jersey City Heights.

Considering that the national average increase over five years is around 35-45%, Jersey City is positioned near the lower end of this range. Due to the ongoing supply of large-scale new condos, the area has experienced relatively less drastic price increases due to supply shortages.

Factors supporting this increase include accessibility to New York, public transportation infrastructure like PATH, and the ability to find new apartments at relatively lower prices compared to Manhattan. Recently, the reduction in remote work has also contributed to a resurgence in commuting demand to New York.

Looking ahead, it is important to approach the future cautiously. Given the ongoing supply of new constructions, it seems likely that prices will maintain a gradual upward trend rather than experiencing sharp increases, although there remains some potential for fluctuations in transaction volumes due to interest rate changes.

From my long-term perspective in this market, I would advise Korean households looking to live here to be cautious, as there are significant price variations by area. It is wise to consider school districts and commuting distances carefully. For investment purposes, it is important to examine both the supply of new constructions and rental demand.