LIST: The Hottest Real Estate Markets in New Jersey Have One Common Theme: Access to Transit
October 17, 2017 |
Several towns in New Jersey are seeing incredible demand, and combined with low inventories, prices have been skyrocketing in recent months. After the Recession of 2009, there has been a very slow recovery and this has meant many are still waiting for
their own property values to recover to pre-recession levels. This is not true everywhere.
The following 19 towns have all seen their median home values peak at the start of 2017. Shore towns have been excluded, because of the active 2ndhome market. Each one of the town stand way above the average New Jersey property statewide in regards to price growth during
the last year.
For an easy understanding of how “HOT” an area is, the larger the circle on the map below, the hotter the area. Luckily, the McLain Realty Team handles each one of these town and understand the importance of being close to transit and especially the train.
#19. While Chatham Township gained the least amount of value by percentage of the towns on the list, it is also
has the highest median value. Chatham has been a long desired destination for families that want great school and commuting.
#18. Glen Rock has been steadily increasing its population back to the peak it reached in 1970 of 13,000
Jersey City and Hoboken that has seen marked gains in valuation during the past year and experts say that these towns are becoming increasingly more and more popular.
#16. Chatham Borough also remains popular for families seeking homes. It's median Zillow value is more than
twice that of the state's.
#15 Fair Haven
Fair Haven, located along the North Jersey Coast Line of NJ Transit, buck that trend. Fair Haven not only has easy access to transit, but is a stone's throw from the Jersey Shore.
Towns along the Hudson River, known as the state's "Gold Coast," have been reaping the rewards of New York City's revival over the last two decades. Good schools and a quick commute to the city make Tenafly an attractive, and expensive, location
for home buyers.
#13. Woodcliff Lake has some of the best schools in the state, which makes it instantly attractive to many
homebuyers seeking property near New York City.
#12 Glen Ridge
Quaint downtown, easy access to public transportation and well respected school system.
#11 Palisades Park
50% of the residents claim Korean ancestry and is extremely affordable town!
New York City have made it one of the hottest markets of the last decade in the Garden State and is a large reference for all Real Estate Agents.
Direct path to Philadelphia and one of the most well-respected school systems.
Very low inventory and this quiet tree lined streets have sent prices up over 1 million!
#7. Moonachie is one of the more affordable Bergen County towns, but perhaps not for long.
#6. Millburn is frequently one of the best and most sought after school in the entire state!
#5. Hoboken The list obviously would not be complete without Hoboken. Packing in Residents and driving up
prices as it is the easiest drive into the city. Expect to find 1 bedroom condos for 1 Million! The McLain Realty Team loves selling property here!
#4. South Orange
Extremely low inventory in this Orange that it has driven prices up, more than the neighboring Oranges.
#3. Asbury Park has made a complete 180 from the days of abandoned homes, desolate main street, and a tarnished
name. Affordable and making a come-back!
#2. Maplewood Millburn grew so fast as-well-as the home prices. People turned to Maplewood as an alternate.
The undisputed king
As Hoboken became more expensive and cramped, people branched out into Weehawken which has suddenly seen explosive growth. This hilly riverside community offers spectacular views of the New York City Skyline with more space than neighboring
Hoboken. If you are driving, take the Lincoln Tunnel to be in NYC in no time!