These are the most expensive Central Jersey towns for homebuyers right now (2024)

Jenna IntersimoneMyCentralJersey.com

If you're a Somerset County homeowner, you'll be happy to hear that four Somerset County towns have the most expensive homes across Central Jersey.

If you're on the seemingly endless hunt for a home in Somerset County, you might not be so happy.

Comparing home sales across all of New Jersey's ZIP codes by using data from Zillow's Home Value Index, four Somerset County communities and one Union County community make up Central Jersey's five priciest ZIP codes in home sales so far this year, and they are ranked highly overall in the state.

An important note: These rankings are calculated as a weighted average – that's a statistics term that takes more than just numbers into consideration – of the middle third of home sales in each ZIP code. They are not the median sales for a home in the area.

Hottest towns in Central Jersey to buy a home, by ZIP code

1. 07931, Far Hills

It comes as no surprise that Far Hills’s 07931 tops our list of most expensive ZIP codes in Central Jersey. At the heart of the Somerset Hills, Far Hills is one of the most affluent communities not only in Central Jersey, but in the entire state, as it ranks as the 20th most expensive ZIP code in New Jersey in home sales.

The typical home sale in Far Hills is $1.31 million. Right now, the priciest residence in the borough is listed for $6.5 million, with other estates for sale for $4.95 million and $3.59 million. The pictured home at 15 Sherwood Farm Road is for sale for $3.79 million, which is a custom-designed brick Georgian Manor Home on seven acres.

Some of Far Hills’ population of just under 1,000 people – making it also the second-smallest ZIP code on this list – live in massive mansions tied to equestrian farms. The biggest event of the year is also, fittingly, the Far Hills Race Meeting, a 102-year-old international premier steeplechase event every October.

2. 07091, Westfield

With a walkable downtown full of hip restaurants and chic boutiques, Westfield homeowners have a mix of a suburban lifestyle and an urban playground. In this Union County town, the typical home sale has been $1.05 million, which also makes 07090 the 34th most expensive ZIP code in the state.

Wine cellars, indoor pools, elevators: 6 amazing Central Jersey home listings you must see

The commuter town on the Raritan Valley Line of New Jersey Transit is home to 31,000 people, as it was to Charles Addams, who lived in Westfield and used a house in town as inspiration for “The Addams Family.” The most expensive home currently for sale in Westfield is listed for $2.6 million, with plenty of homes right behind it at $2.59 million and $2.49 million. Pictured 781 Norgate Rd. is for sale for $1.2 million, which includes a pool, deck, and everything one would need to entertain.

Recently the town approved a redevelopment plan to revitalize the downtown and repurpose the vacant former Lord & Taylor store, so prices are likely to continue to crawl upwards.

3. 07059, Warren Township

In this upper-class suburban community, the 16,000 residents of 07059 have the best of all worlds – schools ranked in the top 20% in the state, quiet neighborhoods in the Watchung Mountains surrounded by foliage, and a downtown shopping centers anchored by Acme. Residents can also find popular and diverse restaurants like Saly G’s, Uproot, Lukas’ Seafood & Grille, Silk Road, the Stone House, La Colina and more.

Here, the typical home sale is $988,939. Some of the highest-priced homes on the market include those priced at $4 million, $2.75 million and $2.5 million. The pictured $4 million modern home at 6 Ravinn Lane includes an elevator, indoor pool and dance floor.

4. 08558, Skillman (Montgomery)

In the past decade, the Skillman section of Montgomery – with a typical home value of $937,767, the 50th highest in the state – has become one of the most affluent ZIP codes in Central Jersey, partly due to its proximity to Princeton. Just 15 minutes from downtown Princeton, with its university, think tanks, research companies, quaint shops and restaurants, 08558 has both a rural lifestyle and is close to it all.

Although Skillman was once primarily rural and best known as the home of a state psychiatric hospital (which is now a Somerset County park), it’s enjoyed rapid growth in the last decade especially along the Route 206 corridor, where residential and commercial development has progressed. But Skillman also extends from the busy highway westward to the Sourland Mountains, the largest unspoiled region between New York and Philadelphia.

Skillman's highest-priced homes are listed for $1.59 million and $1.55 million, both of which are new-construction estates on Spring Hill Road.

5. 07069, Watchung

In Somerset County's eastern-most municipality, the typical home sale is $937,538, just $200 less than Skillman. In 07069, many of the large homes are located on the slopes of the Watchung Mountains, some with views of the New York City skyline.

Real estate: Here are the latest home sales in the Central Jersey market

For some, that skyline also represents a career, since part of Watchung’s value is due to its easy commute to New York City because of its proximity to Route 78. But the borough's population of 6,500 enjoys a small-town atmosphere centered around a manmade lake as well as a commercial strip on Route 22 that includes the Watchung Square Mall and other shopping centers.

As the town with the 51st highest home sales in the state, Watchung’s current real estate market includes homes for sale for $1.5 million and $1.19 million, ranging from the modern to the comfortable. Pictured 41 Mareu Drive is for sale for $1.649 million, which is a custom brick home with a three-car garage.

New Jersey's most expensive towns to buy a home

While Central Jersey did not dominate the charts for the most expensive ZIP codes for home sales in the state, many Shore towns did. Here are the overall 10 most expensive ZIP codes in all of New Jersey:

  1. 07723, Deal - $3,252,968
  2. 07620, Alpine - $2,732,815
  3. 08202, Avalon - $2,407,447
  4. 08247, Stone Harbor - $2,264,361
  5. 08738, Mantoloking - $1,958,519
  6. 07078, Short Hills - $1,903,920
  7. 07711, Allenhurst - $1,872,062
  8. 08750, Sea Girt - $1,843,401
  9. 07976, New Vernon - $1,775,826
  10. 07717, Avon-by-the-Sea - $1,601,976

Contact:JIntersimone@MyCentralJersey.com

Jenna Intersimone has been a staff member at the USA TODAY NETWORK New Jersey since 2014, after becoming a blogger-turned-reporter following the creation of her award-winning travel blog. To get unlimited access to her stories aboutfood, drink and fun, please subscribe or activate your digital account today.You can also follow her on Instagram at@seejennaeatand on Twitter at@JIntersimone.

These are the most expensive Central Jersey towns for homebuyers right now (2024)

FAQs

These are the most expensive Central Jersey towns for homebuyers right now? ›

The three New Jersey ZIP codes with the highest typical home value as of February are Deal in Monmouth County at $3,443,833, Alpine in Bergen County at $2,821,657, and Avalon in Cape May County at $2,470,147, ranking #27, #51, and #70 out of 150, respectively, according to the list.

What town has the most expensive homes in NJ? ›

The three New Jersey ZIP codes with the highest typical home value as of February are Deal in Monmouth County at $3,443,833, Alpine in Bergen County at $2,821,657, and Avalon in Cape May County at $2,470,147, ranking #27, #51, and #70 out of 150, respectively, according to the list.

Which part of New Jersey is the most expensive? ›

Hoboken scored lowest on the index, making it the most expensive city in the Garden State to live in. With a final score of 46.45, the monthly cost for housing in Hoboken is $1,765 per person and the median price to buy property in the city is $969,000.

Why is NJ real estate so expensive? ›

"Economic vitality, job growth and population influx can drive demand, while supply constraints and low interest rates can amplify the increase in prices." New Jersey ranked behind No. 1 Connecticut, with a 9.56% increase, as well as No. 2 Maine and No.

Are homes selling fast in NJ? ›

The data showed that New Jersey tied with Washington state for having the fourth fastest-selling homes in the country in April. Only Massachusetts, Rhode Island, New Hampshire and Connecticut saw homes sell faster than in New Jersey.

Which NJ towns have the highest property taxes? ›

The five New Jersey cities and towns with the highest general property tax rates for 2023 were Elizabeth, Winfield, Union, East Brunswick, and Scotch Plains.

What towns have the highest income in NJ? ›

New Jersey municipalities ranked by per capita income
RankMunicipalityCounty
1Mantoloking BoroughOcean
2Sea Girt BoroughMonmouth
3Rumson BoroughMonmouth
4Millburn TownshipEssex
43 more rows

What is the nicest area of New Jersey? ›

A: Ho-Ho-Kus, Hoboken, and Jersey City in North Jersey are among the best places to live in New Jersey. They are all wonderful cities in their own right, but they're especially great commuter hubs if you work in New York.

What is the best part about living in New Jersey? ›

Nestled between bustling New York City and historic Philadelphia, the Garden State boasts a dynamic blend of vibrant city life, picturesque shorelines, and tranquil countryside. With a robust and diverse population, New Jersey is a microcosm of America, where residents enjoy a high quality of life.

Is Florida cheaper than New Jersey? ›

While the cost of living in some of the state's larger cities like Miami, can be on the higher side, the majority of the state is very affordable compared to the national average. In fact, New Jersey comes in about 20% higher than Florida for overall cost of living expenses.

Is it cheaper to live in NY or NJ? ›

NYC is the most expensive city in America so it should come as no surprise that New Jersey offers a more affordable cost of living. Newark and Jersey City are both considerably cheaper than NYC. The median home price in Manhattan is $965,00 while the median home price in Jersey City is $337,000 and $210,000 in Newark.

Will house prices go down in 2024 near New Jersey? ›

The runaway housing prices we've seen over the past few years in New Jersey should finally slow down in 2024, real estate experts say. And the market is expected to normalize. Falling interest rates should lead to more houses being listed for sale, helping prices level out.

Is it good to buy a house in NJ now? ›

There's no better time than NOW! 12.9% of homes are selling below their listing price. Moreover, there's a 7.7% increase in newly listed homes. So, not only are you spoilt for choice, but you're also more likely to crack a good deal on your dream home.

Where do houses sell the fastest? ›

The states with the fastest moving homes are Massachusetts and New Hampshire, which tied at 32 days to sell from the listing date. Next was Washington state with 33 days and Tennessee at 33.5 days.

Where are house prices falling fastest? ›

Down in Southern England, the picture is less rosy, with the East of England (-1.4%) leading the way in terms of house price falls. It's followed by by the South East (-1%), South West (-0.9) and London (-0.4%). The East Midlands is also experiencing slight falls of 0.4%.

What month do homes sell the fastest? ›

Nationally, the best time to sell a house is March if you're trying to sell quickly, while the best time to maximize profit is July. Zillow recommends listing your home for sale in March, but no later than Labor Day, based on historical market trends.

What is the richest neighborhood in New Jersey? ›

Short Hills

The richest town in New Jersey is Short Hills. It is also one of the country's wealthiest, with a median household income of $405,000. This places it in the top 1% of all cities in the United States when it comes to income. The average price of a house in Short Hills is $2,118,000.

What city has the most expensive houses? ›

Atherton, California: $10.05 million. This Silicon Valley city is the most expensive place in the U.S. to buy a home, by a wide margin. Prices soared nearly 43 percent from the first quarter of 2021 to the first quarter of 2022, according to ATTOM Data Solutions. Water Mill, New York: $6.24 million.

What billionaire lives in NJ? ›

Here's the ironic thing about Rocco Commisso, the Saddle River resident who (with a net worth of $8 billion) is once again is ranked as the richest New Jerseyan on the 2024 Forbes World's Billionaires List: Commisso makes his money in another state.

Which is the best place to live in NJ? ›

The Garden State is considered the 3rd best state in the country to live and work. For a rich cultural experience, Jersey City, and Newark are some of the best places to live. People are attracted to move here because of the strong job market, excellent schools, and diverse communities.

References

Top Articles
Latest Posts
Recommended Articles
Article information

Author: Clemencia Bogisich Ret

Last Updated:

Views: 6116

Rating: 5 / 5 (60 voted)

Reviews: 83% of readers found this page helpful

Author information

Name: Clemencia Bogisich Ret

Birthday: 2001-07-17

Address: Suite 794 53887 Geri Spring, West Cristentown, KY 54855

Phone: +5934435460663

Job: Central Hospitality Director

Hobby: Yoga, Electronics, Rafting, Lockpicking, Inline skating, Puzzles, scrapbook

Introduction: My name is Clemencia Bogisich Ret, I am a super, outstanding, graceful, friendly, vast, comfortable, agreeable person who loves writing and wants to share my knowledge and understanding with you.