New Jersey Neighborhood Ranked Second Fastest Growing US Housing Market

In recent years, suburban and exurban housing markets have experienced significantly faster growth rates compared to urban areas nationwide. One notable example is a community in New Jersey that ranked among the top 10 fastest-growing housing markets over a decade.

Blackwells Mills: A Standout Performer

Blackwells Mills, an exurban area in Somerset County, about 9 miles southwest of Rutgers University-New Brunswick, emerged as the second fastest-growing housing market in the nation from 2013 to 2022, according to a report from StorageCafe, part of real estate software platform Yardi.

Explosive Housing and Population Growth

In 2022, Blackwells Mills had 2,871 housing units, marking a staggering 1,980% increase from 2013. The community's population also surged by 2,292% over the same period, growing from fewer than 500 residents in 2013 to 10,047 in 2022. The report noted that exurban housing inventory grew by an average of 15% over the past decade, outpacing suburban areas at 14% and principal cities at 10%. Similarly, population growth in exurbs was 16%, surpassing the 13% growth in suburbs and 9% in principal cities.

Factors Driving the Trend

The significant rise in housing stock and population in exurbs like Blackwells Mills is attributed to the lack of affordable housing in major urban centers. The report highlighted that in metropolitan areas such as Washington D.C. and the tri-state area, the demand for more affordable and comfortable housing is pushing people towards suburban and exurban communities. Additionally, the increase in remote work opportunities has enabled many to relocate from costly urban centers to more affordable regions, maintaining a high quality of life while working from home. This trend has benefited places like Blackwells Mills in New Jersey and other cities such as Davenport and Nocatee in Florida.

Fastest-Growing Housing Markets (2013-2022)

The report lists the 10 fastest-growing housing markets across the nation from 2013 to 2022, underscoring a broader demographic shift towards suburban and exurban living: