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

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.

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