NJ now has 38 towns with typical home value over $1 million
I was born and raised here in the Garden State. I grew up in Rahway, known mostly for its prison (which is technically across the border with Woodbridge). It’s not exactly a town with a lot of million-dollar homes. The most expensive single-family home currently listed on Zillow.com goes for $569,000 and that’s likely because it’s on the border of Clark. The average single-family home listed in Rahway is $404,907.
So when I grew up and home prices were far lower, I used to think of towns with million-dollar homes as places like Short Hills, Princeton, and a few affluent Jersey Shore towns.
With the seller’s market tearing up all the record books and home prices soaring, now we have an astonishing number of New Jersey towns where the typical home value is $1 million or more. 38 in all.
A million dollar home used to mean a mansion. In Deal, number one on the list of 38 towns, there’s currently a home for sale with only 3 bedrooms and 1,228 square feet asking $2,350,000. The typical home value in Deal is well over $3 million.
Zillow.com compiled the following list and their calculation of typical home value is a trimmed mean and acts as a trimmed median. Take a scroll through and see if your town made the list.
38 NJ towns where the typical home value is now $1 million or more
38 Manasquan $1,001,512
37 Ocean City $1,005,775
36 Mountain Lakes $1,008,913
35 Woodcliff Lake $1,023 620
34 Westfield $1,038,176
33 Ho Ho Kus $1,051,738
32 Tenafly $1,057,993
31 Millburn $1,060,189
30 Colts Neck Twp $1,074,680
29 Chatham $1,092,171
28 Summit $1,108,401
27 Spring Lake $1,108,947
26 Demarest $1,109,611
25 Montclair $1,128,507
24 Essex Fells $1,146,272
23 Longport $1,207,639
22 Far Hills $1,240,410
21 Fair Haven $1,256,942
20 Barnegat Light $1,278,847
19 Sea Isle City $1,326,975
18 Upper Saddle River $1,340,054
17 Strathmere $1,341,798
16 Franklin Lakes $1,350,888
15 Cape May Point $1,358,248
14 Englewood Cliffs $1,439,837
13 Rumson $1,501,424
12 Long Beach Township $1,522,640
11 Lavallette $1,526,240
10 Avon by the Sea $1,663,779
9 New Vernon $1,821,721
8 Sea Girt $1,874,065
7 Short Hills $1,903,763
6 Mantoloking $1,917,367
5 Allenhurst $1,930,184
4 Stone Harbor $2,268,895
3 Avalon $2,483,060
2 Alpine $2,729,362
1 Deal $3,365,763
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