In an interview with NTD at the NYC Real Estate Expo 2025, real estate associate George Castro discussed the booming market in New Jersey due to the affordability crisis in New York, as many New Yorkers are moving to New Jersey for cheaper housing.
He noted that interest rates have stabilized around 6–7 percent, but could drop significantly in 2026, potentially increasing property values by 10–15 percent.
Castro highlighted the trend of multi-family homes in New Jersey and the potential for increased foreclosures if property values adjust. He emphasized the importance of tax incentives for developers and suggested realtors should consider obtaining licenses in both New York and New Jersey to capitalize on the market movement.