Coldwell Banker Residential Brokerage has released its 2014 Home Listing Report, which found New Jersey to have the fourth highest average listing price in the nation, at $440,354 for a four-bedroom, two-bathroom home.
The Coldwell Banker Home Listing Report, which additionally ranked 128 real estate markets within New Jersey, named Chatham Township as having the highest average listing price, at $892,489 for a four-bedroom, two-bathroom home, while East Orange ranked as the most affordable market in the state, with an average listing price of $120,000.
The annual Coldwell Banker Home Listing Report is the most extensive home price comparison tool currently available in the United States, ranking the average listing price of four-bedroom, two-bathroom homes in nearly 2,000 markets. To be included in the report, markets were required to have a minimum of 10 four-bedroom, two-bathroom home listings between January and June 2014. Markets not included in this year’s ranking did not meet this requirement.
While other affordability reports provide average or median prices for all homes in a given area, the Coldwell Banker Home Listing Report analyzes more than 51,000 similar listings to better address how much a home in one market would cost if the same home were located somewhere else in the country.
The top 10 most expensive New Jersey real estate markets, based on average listing price, are:
1. Chatham Township, $892,489
2. Bernards Township, $832,878 3. Madison Borough, $777,490 4. Mountain Lakes Borough, $724,490
5. Princeton Junction/West Windsor Township, $722,912
6. Livingston Township, $720,787
7. Westfield Town, $720,221
8. Warren Township, $718,909
9. Alexandria Township, $712,433
10. Woodcliff Lake Borough, $678,623
The top 10 most affordable New Jersey real estate markets, based on average listing price, are:
1. East Orange, $120,000
2. Newark, $147,981
3. Roselle, $173,419
4. Paterson, $178,156
5. Deptford, W. Deptford, Woodbury, $181,639
6. Atco, $186,380
7. Glassboro, $206,900
8. Elizabeth, $210,000
9. Sicklerville, $217,479
10. Millville, $219,052
“The Coldwell Banker Home Listing Report is a great tool for homebuyers who want to compare marketplaces here in New Jersey and elsewhere across the nation,” said Hal Maxwell, president of Coldwell Banker Residential Brokerage in New Jersey and Rockland County, New York. “The report also demonstrates the diversity of marketplaces and lifestyles available in the state which ranges from dynamic urban centers, bedroom communities, scenic mountains to beautiful beaches. New Jersey has something to offer for just about every buyer.”
In addition to providing a look at the most expensive and affordable markets in the state, the Home Listing Report also provides data for the nation. To compare New Jersey communities to other parts of the country, and for a complete list of the most expensive and most affordable markets nationwide, visit hlr.coldwellbanker.com.
About the 2014 U.S. Home Listing Report (Methodology):
The Coldwell Banker U.S. Home Listing Report analyzes the average listing price of four-bedroom, two-bathroom real estate properties on coldwellbanker.com between January 2014 and June 2014 for 51,765 listings in 1,971 markets. Coldwell Banker affiliates as well as other franchise brands associated with Realogy Holdings Corp contribute to listings on coldwellbanker.com. Markets without at least 10 four-bedroom, two-bathroom listings on coldwellbanker.com between January 2014 and June 2014 were excluded from the ranking.
Coldwell Banker Residential Brokerage in New Jersey and Rockland County, New York, a leading residential real estate brokerage company, operates 55 offices with approximately 3,000 affiliated sales associates serving all communities from Rockland County, N.Y. to Monmouth County. Coldwell Banker Residential Brokerage in New Jersey and Rockland County, N.Y. is part of NRT LLC, the nation’s largest residential real estate brokerage company. Visit www.coldwellbankermoves.com for more information.