Of all the growing cities in America, Camden New Jersey is one of the most promising. In recent years the city has transformed into a bustling space, drawing in businesses and potential home buyers from across the country. Now is the perfect time to buy property in Camden, as prices are at a historic low, and the value is expected to rise significantly in the coming years. For many hopeful homeowners, Camden can be your place to settle and build your foundation.
A City on an Upward Trend
Camden is one of the many cities in the United States that is experiencing a boom in investments, businesses, and more importantly, property values. Whether you’re fond of more urban space or want to live in a quiet suburb, the Camden area provides homeowners with a wide variety of housing options to choose from. As a result of this wide diversity and rising desirability, property values are bound to experience a steady increase in the near future. With close proximity to Philadelphia and access to some of the states best public schools, it's easy to see why the market is reacting so favorably to the city of Camden.
On average, the median home value for the Camden area is situated right under $40,000. Over the course of the past year, the median value of Camden properties has gone up roughly 22.3%. If you break down the cost of a Camden home into square footage, the average is around $39 for every square foot; this is a massive gap from the skyrocketing price of $135 per square foot in the Philadelphia metropolitan area. Renters can rejoice as well, as the average amount a tenant pays per month settles at around $1,100, which is still lower than Philadelphia’s $1,500 per month. It is even lower than the national average which is at about $1451 per month.
Any good homeowner will tell you that the value of a home means nothing if it isn’t on the up and up. Buying property in a declining or stagnant neighborhood can lead to poor returns on your investment. Fortunately, this is far from the case for Camden, NJ. The market is expected to make a steady uptick on into the next year, with a forecasted 5% increase in value, putting the median house value somewhere around $43,000. Although like most predictions, there is no telling if this 5% increase is accurate or not. However, based on the dramatic drop in crime and improved public school system it is fair to say this 5% increase is likely an understatement by market skeptics.
Market experts have also determined that the Camden real estate market is remarkably stable, which isn't the case in other booming cities. The value of your home is also expected to change depending on the area you decide to settle down in. More promising neighborhoods like U-Rutgers and Collingswood, can prove to be substantial investments, due to their excellent schools and overall level of desirability.
Taking the Plunge
Any good homeowner can tell you, that there is no sure-fire guarantee that you will earn a sizeable return on your investment. That being said, educated decisions, and a bit of patience can lead to some impressive pay off in the real estate trading business. Whether you’re looking to rent, or buy, Camden should certainly be at the top of your list when looking for potential properties. This is a ripe time for Camden and potential Camden investors, with low yet increasing real estate values the chances of a high return are indeed in your favor.