Jersey City is the second densest city in New Jersey behind Newark with 247,599 residents. The city regularly receives national attention as a hot relocation spot for New Yorkers tired of rising rents and astronomical home prices, primarily due to its local flair, unique spots and welcoming vibe. While Jersey City home prices aren't inexpensive compared to national values, they are budget-friendly for individuals accustomed to high New York City housing fares. Trulia rates Jersey City a 5 in active lifestyle, nightlife and restaurant categories and a 4 out of 6 for cafes and arts. Nationally, active rankings average a 1.42, while nightlife scores a 1.33, which Jersey City grades far above. Moreover, the national average for restaurant rankings is just a 1.54, while cafes receive a 1.66 across all metros.
In 2014, [the average list price in Jersey City was $363,696], which increased 11.7 percent to reach $406,231 in 2015. At the same time, inventory dropped year-over-year 5.05 percent, from 772 to 733 listings. Fewer homes on the market tends to create a more competitive rapport amongst buyers, increasing asking prices and furthering home values.